Monday, July 22, 2024

VET Marks A New High Thanks To Sustained Progress Of The Project

VeChain (VET) marks a new high thanks to the sustained progress of the project. The price of VeChain, labeled VET, managed to mark a new high, here is an analysis of what has been happening with this cryptocurrency.

Without a doubt, one of the best ways to see the growth of a project is through the adoption of what it has to offer. VeChain (VET) is a good example of this, as it is becoming more and more robust thanks to the business partnerships and real use cases that it is offering to the market.

This consequently is generating a constant increase in its price. At the time of this writing, VET is trading at $ 0.14, accumulating a gain of 10.71% in the last 24 hours, capable of taking the price towards a new all-time high.

The adoption at the enterprise level and the different use cases offered by VeChain (blockchain that optimizes supply chain management systems), have driven the price almost 700% so far this year.

The latest catalyst behind the rise we are witnessing is another important partnership , this time dealing with the success of Salesforce’s Chief Strategy Officer testing enterprise adoption ideas on VeChainThor.

The open source Salesforce – ToolChain Adapter was born out of Daniel Nortje’s development. The purpose of the idea: to exchange data openly and seamlessly between multiple parties, using hashed data on the public VeChainThor blockchain.

Looking at the VET vs USDT daily chart, we clearly notice a strong short-term bullish direction, resumed 3 days ago.

Now the price is making an impulse, already quite extended but without yet showing any sign of exhaustion.

It looks like we will see VeChain make new all-time highs in the next few hours, before the bulls give room for a correction.

However, it is quite likely that in the near future we will see some retracement or break in the price before continuing with its trend.

Weekly chart
In the weekly candle chart we see that the momentum is also quite extended.

After retreating towards 50% Fibonacci, the price gave way to a new momentum of the medium-term trend. The objectives have already been achieved. It is time to watch if it is time to make a new correction, or first we will see new historical maximums of VeChain (VET).

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