As a seasoned researcher with a knack for deciphering the intricacies of the crypto market, I must admit that VeChain’s recent surge has piqued my interest. Having witnessed the rollercoaster ride that is cryptocurrency, I can confidently say that this isn’t just another pump and dump.
VeChain (VET) has been on a tear lately, surging over 45% in the last 24 hours.
It appears that VeChain, a Layer-1 blockchain platform where developers can build practical, real-world or enterprise-level decentralized apps (dApps), is benefitting from the positive momentum in the broader cryptocurrency market.
As Bitcoin approaches the $100,000 mark, altcoins are experiencing a surge in value due to the profits being shifted from Bitcoin.
VeChain’s value has significantly increased, reaching over $0.043 per token following a 45% surge in its price today.
Beyond the optimistic market mood, it seems that advancements such as upgrades to its blockchain tech, strengthened security aspects, and broadening applications have likely contributed to the recent surge in VET’s value.
Based on details shared by the official VeChain account on Twitter, VeChain is anticipating several updates such as:
VeChain is leveraging its increasing popularity and collaborations, as evidenced by its recent announcement of joining the European Blockchain Alliance. This move signals an effort to expand its reach and influence within Europe.
VET price action
Over the past three days, VeChain has experienced a significant surge. Today’s growth has been particularly noteworthy, causing the value of VET to rise from 0.035 dollars to approximately 0.047 dollars.
Starting on November 21st, the price of VET started climbing from its lowest point of $0.03. To put it simply, VET’s value has been gradually going up since November 5th, with the price increasing from an initial low of $0.02.
As a researcher examining the price trends of VET, I observed an intriguing development. Previously, the daily moving averages at $0.023 (50-day) and $0.026 (200-day) had acted as barriers to its growth since April. However, today, these barriers were decisively breached, leading to an unprecedented surge that peaked at a price of $0.047 – a level last seen in April this year. This upward momentum suggests potential changes in the market dynamics for VET.
Moving ahead, the potential resistance levels for VET could be around $0.52 to $0.54. If there’s a price drop, strong support might be found near the 50-day and 200-day moving averages.
At the time of writing, VET was up 36% in the last 24 hours to $0.04373 and up 53% weekly.
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2024-11-23 18:34