VeChain (VET)The VeChain native token is showing signs that it can be stable in an unstable cryptocurrency market. The market has fluctuated, but this positive outlook persists despite it.
VeChain has seen a recent increase in interest, especially in Japan. Sunny Lu, VeChain’s CEO highlighted VeBetterDAO is a decentralized autonom organization (DAO), built on VeChain. The success of this DAO is a testament to VeChain’s ability in building a vibrant and active community.
Please Read: CEO Sunny Lu States Why 2024 Is An Important Year For VeChain (VET)
A Technical Analysis of the Breakout Potential
The technical analysis of VET’s chart shows a possible breakout in the near future. VET’s price is currently in a phase of correction. analysts predict An upward trend in the a “blow-off top” The price could rise to anywhere between $1.50 to $1.80.
VET also appears to be forming a downward channel on the daily chart. The recent breaking of a trendline at a lower-time frame suggests that a breakout is possible. This breakout, if successful, could potentially double VET’s price within the next few days.
VeBetterDAO Rewards Distribution Boosts Community
VeBetterDAO has received more positive news with the distribution of rewards to participants in the first round. Collin Brown in his X postVeDelegate has distributed 160.000 B3TR to 411 investors who contributed collectively 63.500 B3TR.
In the average case, tokens of the participants were nearly tripled. This is a testament to the impact that the VeChain Community has seen as a result of this initiative.
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Please Read: VeChain Launches VeBetterDAO Alongside Two New Tokens with Sustainability in Mind
The current market position and recent performance
VET was not available at the time this piece of writing was published. trading at With a trading volume of 53,815,442, $0.0255 is the price. This is a price increase of 4.11% over the last 24 hours and a decline of 2.97 percent over the week.
VeChain’s recent development highlights its future potential, even in challenging market conditions. VET is positioned for growth thanks to VeBetterDAO’s successful community and its ability to create a strong project. VeChain seems well-positioned for success as the current cryptocurrency market is navigating its uncertainties.
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Source: timestabloid.com