VeChain (VET) appears to be on the verge of a breakout following a prolonged period of consolidation, as the altcoin aims to revisit its previous record highs.
VET holders are eagerly awaiting the token’s short-term trajectory while maintaining a steadfast belief in its long-term bullish potential. Recent rallies have propelled VET to a two-year high, providing hope for a sustained rally that could establish a new all-time high.
Although VET has experienced a significant decline of over 80% since reaching its peak of $0.281 nearly three years ago, investors remain undeterred in their optimism. This optimism is bolstered by advancements in the network, growing institutional interest, and on-chain growth.
Over the past few months, the VeChain network has witnessed notable improvements in technological infrastructure, developer engagement, and user expansion. VeChain’s efforts to enhance the supply chain and facilitate sustainable initiatives have culminated in the launch of VeBetterDAO, which leverages its utility token, B3TR, to incentivize environmentally friendly actions. VeChain aims to onboard a million active daily users in the near future, with a long-term goal of reaching a billion users by 2030.
The network’s growth is evident, with nearly 3 million active wallet addresses currently on the VeChain network. This figure, along with the total number of successful transactions, is steadily increasing and is expected to continue rising as investor interest intensifies.
Buoyed by the project’s long-term potential, VET holders, particularly large investors, have been accumulating the token in anticipation of an imminent breakout.
As of now, VET is trading at $0.03968, following a 7% decline in the past 24 hours. The digital asset has experienced a correction, losing nearly 20% over the past week.
At its current level, it is crucial for bullish investors to defend support levels and demonstrate their control over the market. A breach of support could lead to further losses, with the next significant support level at $0.036. However, if the bulls prove their strength, they could surpass the resistance at $0.054 and establish it as a stronger support level. This breakthrough could potentially propel VET to a multi-year high of $0.1.
A crypto analyst has predicted a bullish wave of 300% to 400% in the coming weeks, citing the breaking of the descending trendline and the presence of crucial multi-year horizontal resistance in key areas.
Furthermore, the current excitement surrounding the crypto market, driven by the launch of spot ETFs, institutional investors, and the upcoming Bitcoin halving, continues to generate demand and push prices higher.
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