VeChain Products’ Notable Adoption Fuels Anticipated 100% Surge in VET Price
The price of VeChain (VET) has confirmed a bullish trend as it continues to reach higher highs and higher lows. The VeChain network offers various products that aim to streamline the global supply chain for businesses. One of its latest products focuses on the tokenization of real-world assets (RWA).
VeChain (VET) is a well-established layer one (L1) blockchain that prioritizes the democratization of smart contracts through environmentally friendly solutions. The platform has experienced significant growth in its ecosystem, ensuring a positive performance. With a fully diluted valuation of $3.8 billion and a daily average trading volume of approximately $124 million, this mid-cap altcoin has seen a 12 percent rally in the past week.
This impressive performance indicates that VET price is preparing for a new bullish uptrend in the near future, following the formation of a reversal pattern on a weekly basis. Additionally, the anticipated slowdown in Bitcoin’s bullish outlook is expected to lead to a new altseason before the pre-halving rally takes place.
VeChain’s ecosystem has expanded into a vibrant web3 ecosystem, with various notable DeFi platforms utilizing the VeChain network. These platforms include APEWorld, vet.domains, VTHO Exchange, Vechain Rewards, Empty Wallet, Fiat On-Ramp, Mugshot, Cleanify, SQUAD VeChain, and VeBetterDAO, among others.
However, the primary focus of the VeChain network remains on dominating the management of global supply chains. As a result, several prominent enterprises have chosen to leverage VeChain’s technology. These include BMW, Walmart China, Groupe Renault, AT&T, T-Mobile, and LVMH, among others.
The VeChain team has introduced several products, including VORJ, a no-code smart contract platform. The latest addition to their product lineup is the Marketplace-as-a-Service (MaaS), which is marketed as a no-code digital asset tokenization platform. This platform has already attracted its first enterprise user, MotoGP champions Gresini Racing.
Looking ahead, VET price is expected to continue its upward trajectory as it rebounds from the bear market lows of last year. The rising trend, characterized by higher highs and higher lows, has invalidated the macro bear market pressures and indicates that VET price is poised to retest its all-time high (ATH) in the near future.
From a technical perspective, the next significant liquidity zone for VET price is expected to be between $0.064 and $0.088. This range coincides with the 1.618 and 2.618 weekly Fibonacci Extension levels.
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