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- The VeChain team has remained focused on revolutionizing global supply chain management in a bid to help enterprises enhance authenticity through NFTs and Web3 solutions amid heightened challenges of counterfeiting.
- As a competitive smart contract blockchain with 101 authority nodes invested in a minimum of 25 million VET, the VeChain ecosystem is expected to perform impressively during the next two years as Bitcoin prepares for the fourth halving event.
The recent Bitcoin (BTC) breakout above $32k has undeniably carried with it the altcoin ecosystem. As a result, the VeChain (VET) network rebounded from its bear market lows and broke out of a macro-falling logarithmic. Having established a head and shoulder (H&S) weekly pattern and a bullish divergence on the weekly Relative Strength Indicator, which was above 51 on Monday, the VET price is currently in the early stages of the macro bull run.
Moreover, the VET price closed last week above the crucial support/resistance level of around $0.019, as the daily price continues to form a bullish pennant that often yields an upward breakout.
VeChain’s Statistical Figures That Matter
The VeChain (VET) network has grown to a mature web3 ecosystem with more than 679K address holders that have facilitated over 10 million transactions since its inception in 2018. Moreover, the VeChain network supports the fast-growing Non-Fungible Tokens (NFT) and decentralized exchanges (DEX) that enable seamless swap of the ecosystem tokens. Trading around $0.0189 on Monday, the VET coin had a market cap of about $1.3 billion with approximately 727 million units already burned.
Some of the notable VeChain projects include VeThor (VTHO), which traded around $0.0013 and had a market capitalization of about $86 million on Monday, and VeUSD (VEUSD) the first stablecoin on the VET network with about $779k in the market cap.
Why Bet on VET’s Future Growth Prospects
The VeChain network has grown to an institutional-grade blockchain with diverse real-world use cases including in GamiFi, NFTs, Micropayments, Blockchain-as-a-Service, and Phygital-as-a-Service. As of reporting time, the VeChain network has inked more than 40 partnerships with established enterprises around the world including BMW, Haier, BYD, LVMH, Groupe Renault, and PWC among many others. The VeChain network has been tapped to streamline the supply chain management of different enterprises.
For instance, VeChain is being used by LVMH to reduce the counterfeit products in the market that have significantly affected its luxury goods. The VeChain team has also forged an important collaboration with the United Nations to build a sustainable blockchain-based project. According to market aggregate data provided by DeFillama, VeChain had two notable DEXes with a total value locked (TVL) of about $617k, which is significantly lower than its ATH of around $35 million set during the 2021 crypto bull run.
Price Action
From a technical standpoint, VET price is well positioned to hit $1 during the next crypto bull run. Moreover, the VET price has established a macro-rising channel with higher highs and higher lows. With a daily trading volume of about $33 million, VET has enjoyed deep liquidity provided by the notable adoption from institutional investors. Meanwhile, the VET price is likely to experience some bullish resistance between $0.041 and $0.088, before rallying to an all-time high (ATM) and entering price discovery.
