- VeChain practical blockchain applications offer more than just financial value, positioning it as a resilient and promising blockchain contender.
- Technical analysis reveals a potential bullish trend for VeChain, though market volatility and external factors like Bitcoin’s performance remain influential.
With its promising trajectory and potential for substantial growth, VeChain (VET) is leading the way in innovation in the fields of supply chain management and company operations, drawing interest from the cryptocurrency market.
Pioneering in Blockchain Applications for Business
VeChain stands out itself not just by using traditional price indicators but also by using blockchain technology for practical applications. Its novel dual-token system fulfills many purposes, with a focus on improved security, cost-effectiveness in a number of industries, and operational efficiency.
With its emphasis on utility, VeChain is positioned as a major participant in the blockchain space, showcasing its ability to withstand market turbulence and dedication to ongoing development.
Previously, the focus was on VeChain’s commercial potential and technical analyses. As previously reported by ETHNews, VeChain is introducing a new SDK that simplifies the dApp building process, which is expected to significantly increase VET usage.
Projected VeChain Performance by March 2024
Experts have forecast a multifaceted picture for VeChain through March 2024, anticipating an average price of $0.0525. Considering how volatile the cryptocurrency market is, these projections should be carefully examined.
It is projected that the price range of VET will oscillate between $0.0480 and $0.0540, depending on changes in the overall market as well as VeChain-specific events.
The value of VeChain is directly correlated with the performance of the Bitcoin market. There is a general belief that Bitcoin’s upward trend might support the larger cryptocurrency market and propel VeChain to previously unheard-of heights, given that it just peaked at $73,000.
Technical Analysis Insights for VET
From a technical perspective, VET has just emerged from a protracted lateral trading phase as shown by a discernible increase in trading volume.
The way the price interacts with the 20-day and 50-day Exponential Moving Averages (EMAs) and forms a golden cross between the 50-day and 200-day EMAs, indicating underlying bullish momentum, are what define this breakout.
On the other hand, a bearish cross appears on the Moving Average Convergence Divergence (MACD), suggesting a possible retreat. The Relative Strength Index (RSI) shows a bullish cycle, even though it has retreated below the 50-point threshold after previously overbought levels.
An uptick above this crucial level would indicate that bullish enthusiasm for VeChain’s market dynamics is becoming more pronounced.
At the time of writing, the price of VeChain’s native token, VET, has slumped in the last 24 hours and 7 days, by 0.07% and 17.45%, to $0.04094.