VeChain, a prominent cryptocurrency, has experienced impressive growth in April. This growth is highlighted by its partnership with the UFC and the accelerated progress of its VeBetterDAO initiative.
The outlook for VeChain (VET) is optimistic, with key indicators and a thriving ecosystem pointing towards a long-term price rally.
Throughout the first four months of 2024, VeChain has demonstrated its commitment to its long-term goals. The project has been diligently working on developing innovative technology, forging strategic partnerships, and gaining adoption by retailers and integration in various industries.
Notable achievements this year have been highlighted by crypto analyst Collin Brown. Brown emphasizes the explosive adoption of VeChain, with over 3 million wallet holders, marking a new record.
One significant achievement worth mentioning is the recent partnership between VeChain and the UFC. This collaboration involves the integration of NFC blockchain technology into fighter gloves. These cutting-edge gloves made their debut at UFC 300 on April 13, providing a unique way to authenticate and record fight data directly onto the blockchain. These gloves will also be auctioned as collectibles, adding an exclusive level of fan engagement.
Another important milestone from the past few weeks is the launch of VeBetterDAO, an initiative aimed at promoting sustainability. VeBetterDAO utilizes its utility token B3TR to incentivize sustainable actions. While addressing critical sustainability issues, VeChain aims to reach a million active daily users in the coming years. By 2030, the project’s goal is to onboard approximately a billion users.
Brown also highlights the launch and enhancements of VORJ, a groundbreaking tool that enables users to deploy decentralized apps, create tokens, launch NFTs, and deploy DAOs without coding.
In addition, global meetups, such as the Paris Blockchain Week, have been significant events for VeChain. At this event, VeChain founder Sunny Lu delivered a presentation on how VeBetterDAO allows individuals to contribute to global sustainability. The presentation delved into the various features of VeBetterDAO, including its dApp marketplace, and how users can engage, earn, and prosper through the platform.
More recently, VeChain has launched MaaS, a new Digital Asset Tokenization platform that has already been embraced by MotoGP champions Gresini Racing.
Looking at the price outlook for VeChain (VET), bullish signals have been observed, with analysts predicting a short-term breakout. Crypto analyst Ali Martinez points out the similarities between the current trading pattern and previous cycles. The recent trend closely resembles the 2020 price trend that ended with a breakout and a record high for the altcoin.
Currently, VET is trading at $0.04188, with a marginal change in the last 24 hours. On the weekly chart, VET has seen a 3% increase. Investors are optimistic about the long-term bullish outlook.
Furthermore, upon examining the macro chart of VET, crypto analyst Captain Faibik has observed the formation of bullish patterns that could potentially lead to a 600% price growth in the midterm. However, it remains uncertain whether bulls or bears are in control of the short-term price trend.