VeChain (VET) is riding a new wave of bullish momentum, with the coin up 10% in the past 24 hours. The surge is attributed to two significant triggers: VeChain’s recent partnership with leading carbon management software-as-a-service provider VeCarbon and the announcement of the VeChain Thor Mainnet’s official launch.
VeCarbon is a zero-threshold carbon management software-as-a-service platform that enables companies to efficiently manage their carbon emissions and the carbon footprint of their products.
Hundreds of companies have already succeeded in achieving their sustainability goals with the help of VeCarbon, and VeChain’s partnership with the platform has introduced a new use case for the coin.
The second trigger driving VET’s surge is the official launch of the VeChain Thor Mainnet. Finally, after months of anticipation, developers can officially start utilizing the mainnet, which boasts various features and functionalities such as a public blockchain network, application development services, and asset digitization.
VeChain is on a bullish rampage today after its price topped $0.03049 amid a 14.36% growth. For a token whose price action is hardly in the limelight, it has grown by more than 32.85% over the past week. The two main triggers behind this surge are VeChain’s growing adoption across multiple industries and the protocol’s zealous efforts in the battle against climate change.
As an enterprise-grade Layer-1 smart contract platform, VeChain has been making significant strides in its adoption by industry giants. The blockchain-based platform offers a variety of solutions for businesses, such as product provenance tracking and data management.
As such, it has been adopted by many companies ranging from healthcare and automotive to luxury goods and wine.
In addition to its broad scope of applications, VeChain is leading the charge against climate change. The protocol’s blockchain-based decentralized application, VeCarbon, enables users to track carbon emission levels to reduce their environmental impact.
The DAPP also makes it easy for companies to offset their carbon footprints and track the impact of their corporate responsibility initiatives.
VET technical outlook?
VeChain is currently trading significantly above its 20-day moving average. This indicates that VET has achieved a clear breakout from the long-term bearish trend in which it was stuck before the recent surge.
Additionally, VET’s relative strength index (RSI) is at 75.13, implying that the token is currently overbought and may face some pressure to sell in the near term. That being said, VET still has strong bullish momentum, which could push its price further into positive territory.
Overall, traders should keep their eyes on the $0.0360 resistance level, as a break of this could lead to more gains for VET. On the downside, traders should watch out for support at $0.02893 in case of a pullback.
Ultimately, VeChain’s recent surge has been driven by its growing adoption and unique features, which make it an attractive investment opportunity for long-term investors. Although VET may face short-term selling pressure, it could continue its bull run if the two key triggers remain intact.
Conclusion
In conclusion, VeChain’s recent surge in price is largely due to its growing adoption across multiple industries and the protocol’s efforts in battling climate change. In addition, the token has broken out of its long-term bearish trend and has solid bullish momentum, which could push its price further into positive territory.
Disclaimer: All information provided in this article is for educational and informational purposes only and should not be construed as investment advice.
