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VeChain Price Remains In A Downtrend Despite NFT Tracking Adoption — VET Showing Signs Of A Breakout?

Last Updated 7 days ago
Nikola Lazic
Last Updated 7 days ago

Key Takeaways

  • Reportedly, the VeBetterDAO app integrates blockchain with Tesla operations.
  • VET poised for significant breakout soon.
  • Phase 3 with BCG focuses on blockchain across sectors.

VeChain has made several significant advancements recently. Notably, a community member, Jake, announced the launch of the VeBetterDAO app, which integrates blockchain technology. This app enhances efficiency and transparency and marks a substantial step in VeChain’s engagement with industry leaders.

VET could be on the brink of a breakout, with the current market conditions suggesting a significant movement might occur soon. This has sparked considerable interest and anticipation within the VeChain community and among investors.

VeChain Adoption

It is being reported that the VeBetterDAO app launch can let users integrate with their Tesla’s operations, expanding on its features. Although this is not an official partnership, the app can bring VeChain to Tesla users, increasing its adoption rate. 

VeChain has progressed to phase 3 of its Boston Consulting Group (BCG) partnership. This phase focuses on advancing and implementing blockchain solutions across various sectors, highlighting the increasing acknowledgment of blockchain’s capacity to transform traditional business practices.

 

Additionally, VeChain has successfully implemented its NFC technology with a premium client, enabling the tracking and verification of high-end products to ensure their authenticity.

VET Price Near A Breakout?

On February 28, the price of VET peaked at $0.055, marking the culmination of a significant uptrend from $0.015 starting on September 10 of the previous year. This peak signaled the end of its five-wave advance, followed by a 40% drop to $0.032 by June 3.

VET
VETUSD | Credit: Nikola Lazic/Tradingview

Currently, VET is within a descending triangle, suggesting two potential outcomes: a breakout could lead to a new upward move, or today’s test of its resistance could result in a rejection, initiating a significant downturn. In the bullish scenario, the target for the higher degree wave 5 is set at $0.070.

Conversely, if the price reverses to the triangle’s support and breaks below $0.040, it would suggest that the higher degree wave 4 is not yet complete, with a potential target at the ascending support around $0.033.

The daily chart’s Relative Strength Index is at 50%, indicating no indication of future price direction. However, the MACD hints at the beginning of an uptrend. Given the nature of symmetrical triangles, the likelihood of breaking in either direction remains equal.

Therefore, it is crucial to observe the price reaction at current support and resistance levels before predicting a potential new high or further decline.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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