VeChain, a leading blockchain platform focused on transforming global supply chain management, is taking significant steps to combat counterfeiting and enhance authenticity through the use of NFTs and Web3 solutions. With its competitive smart contract blockchain and 101 authority nodes holding a minimum of 25 million VET, VeChain is poised to make impressive strides in the next two years, especially as Bitcoin approaches its fourth halving event.
The recent breakout of Bitcoin above $32k has had a positive impact on the altcoin market, including VeChain (VET). The VET network has rebounded from its bear market lows and broken out of a macro-falling logarithmic pattern. Notably, the VET price has shown a head and shoulder (H&S) weekly pattern and a bullish divergence on the weekly Relative Strength Indicator, which was above 51 on Monday. These indicators suggest that VET is in the early stages of a macro bull run.
Furthermore, VET closed last week above the crucial support/resistance level of around $0.019 and is currently forming a bullish pennant on the daily chart, indicating a potential upward breakout.
The VeChain network boasts impressive statistics, with over 679K address holders and more than 10 million transactions facilitated since its inception in 2018. In addition, the network supports the fast-growing Non-Fungible Tokens (NFT) and decentralized exchanges (DEX), allowing for seamless token swaps within the ecosystem. As of Monday, the VET coin was trading around $0.0189, with a market cap of approximately $1.3 billion and around 727 million units burned.
Among the notable VeChain projects are VeThor (VTHO), which traded around $0.0013 with 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.
The future growth prospects of VeChain are promising, as the network has established itself as an institutional-grade blockchain with real-world use cases in various industries, including GamiFi, NFTs, Micropayments, Blockchain-as-a-Service, and Phygital-as-a-Service. VeChain has formed partnerships with over 40 established enterprises worldwide, including renowned brands such as BMW, Haier, BYD, LVMH, Groupe Renault, and PWC. These partnerships aim to streamline supply chain management and combat counterfeiting.
For example, LVMH is utilizing VeChain to reduce the presence of counterfeit luxury goods in the market. Additionally, VeChain has collaborated with the United Nations on a sustainable blockchain-based project. According to data from DeFillama, VeChain currently has two notable DEXes with a total value locked (TVL) of about $617k, which is lower compared to its all-time high (ATH) of around $35 million during the 2021 crypto bull run.
From a technical standpoint, the VET price is well-positioned to reach $1 during the next crypto bull run. The price has established a macro-rising channel with higher highs and higher lows, indicating a bullish trend. With a daily trading volume of approximately $33 million, VET has gained liquidity from institutional investors. However, the price may face some resistance between $0.041 and $0.088 before reaching new all-time highs and entering a price discovery phase.