VeChain (VET), the native token of the VeChain blockchain platform, is exhibiting signs of stability amidst a volatile cryptocurrency market. This positive outlook comes despite broader market fluctuations, particularly in the price of Bitcoin (BTC).
Recent developments suggest a growing interest in VeChain, particularly in the Japanese market. Sunny Lu, CEO of VeChain, highlighted the increasing popularity of VeBetterDAO, a decentralized autonomous organization (DAO) built on the VeChain platform. This DAO’s success underscores VeChain’s ability to foster a strong and engaged community.
Read Also: CEO Sunny Lu States Why 2024 Is An Important Year For VeChain (VET)
Technical Analysis Suggests Potential Breakout
Technical analysis of VET’s price chart indicates a potential breakout on the horizon. While VET is undergoing a corrective phase, analysts predict an upward trend with a “blow-off top” that could push the price to between $1.50 and $1.80.
Additionally, VET appears to have formed a descending channel on its daily chart, with a recent break of the trendline on a lower time frame suggesting a possible breakout. If successful, this breakout could double VET’s price in the coming days, potentially reaching the $0.0300 level.
VeBetterDAO Rewards Distribution Boosts Community
More positive news comes with the successful distribution of the first round of voting rewards for VeBetterDAO participants. According to Collin Brown in his X post, VeDelegate distributed 160,000 B3TR tokens to 411 stakers who collectively contributed 63,500 B3TR tokens.
This distribution resulted in an average near-tripling of participants’ tokens, showcasing the initiative’s positive impact on the VeChain community.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: VeChain Launches VeBetterDAO Alongside Two New Tokens with Sustainability in Mind
Current Market Position and Recent Performance
At the time of writing, VET is trading at $0.0255 with a 24-hour trading volume of $53,815,442. This represents a 4.11% increase in price over the last day and a 2.97 decline over the past week.
VeChain’s recent developments highlight its potential for future growth, even during challenging market conditions. The project’s ability to foster a strong community, as evidenced by VeBetterDAO’s success, and the technical indicators suggesting a possible price breakout paint a promising picture for VET. As the cryptocurrency market navigates its current uncertainties, VeChain appears well-positioned to emerge stronger.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
