The VeChain team remains dedicated to transforming global supply chain management in order to help businesses enhance authenticity through NFTs and Web3 solutions amidst the increasing challenges of counterfeiting.
As a competitive blockchain with 101 authority nodes, each invested in a minimum of 25 million VET, the VeChain ecosystem is expected to perform impressively in the next two years as Bitcoin prepares for its fourth halving event.
The recent breakout of Bitcoin above $32k has undoubtedly had an impact on the altcoin ecosystem, including the VeChain (VET) network. As a result, VET has rebounded from its bear market lows and broken out of a macro-falling logarithmic pattern. With the establishment of 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 a macro bull run.
Furthermore, the VET price closed last week above the crucial support/resistance level of around $0.019, and the daily price is forming a bullish pennant, which often leads to an upward breakout.
Statistical Figures of VeChain That Are Significant
The VeChain (VET) network has evolved into a mature web3 ecosystem with over 679K address holders, facilitating over 10 million transactions since its inception in 2018. Additionally, the VeChain network supports the fast-growing Non-Fungible Tokens (NFT) and decentralized exchanges (DEX), enabling seamless token swaps within the ecosystem. Currently trading around $0.0189, the VET coin has a market cap of approximately $1.3 billion, with around 727 million units already burned.
Some noteworthy 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 a market cap of about $779k.
Why Invest in VET’s Future Growth Prospects?
The VeChain network has become an institutional-grade blockchain with diverse real-world use cases, including in GamiFi, NFTs, Micropayments, Blockchain-as-a-Service, and Phygital-as-a-Service. At present, the VeChain network has formed more than 40 partnerships with established enterprises worldwide, including BMW, Haier, BYD, LVMH, Groupe Renault, and PWC, among others. The VeChain network has been chosen to streamline the supply chain management of various enterprises.
For example, LVMH is utilizing VeChain to reduce the presence of counterfeit products in the market, which have significantly impacted its luxury goods. The VeChain team has also collaborated with the United Nations to develop 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 considerably lower than its all-time high (ATH) of around $35 million set during the 2021 crypto bull run.
Price Action
From a technical perspective, the VET price is well-positioned to reach $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 enjoys deep liquidity thanks to notable adoption by institutional investors. However, the VET price may encounter some bullish resistance between $0.041 and $0.088 before reaching an all-time high (ATH) and entering price discovery.
