The VeChain Foundation recently inked a significant partnership with Boston Consulting Group.
VeChain (VET) has been caught up in the prevailing bearish storm despite several notable developments from the VeChain Foundation, the non-profit in charge of the VeChain network. However, the latest moves have sparked speculations of a breakout.
With a current value of $0.02457, VET has gained 55% since the start of the year. The asset rallied to a six-month high of $0.03255 last month as it leveraged the market-wide uptrend. Nonetheless, its campaign was short-lived, as the bears took control of the scene shortly after.
The asset has since seen intermittent declines, resulting in a low of $0.02356 today. Notwithstanding these declines, Crypto Koolaid, an anonymous analyst, cited a bullish pattern recently formed by VET. He highlighted that this pattern was observed in April 2019 and preceded a 192% surge in the asset’s value a few months later.
Here’s what $VET (1D) did in that same periode in 2019… almost a 3x #vefam #vechain #vetust https://t.co/iDkQU2YDha pic.twitter.com/HjVbfCOiGu
— Crypto Koolaid (@Koolaid_crypto) March 6, 2023
Another analyst called attention to a bullish divergence observed on the 1-hour VET chart and a prevailing falling wedge pattern. These two patterns are crucial in identifying a potential price reversal to the uptrend.
$VET bullish divergence + falling wedge, observing pic.twitter.com/17zISnqkIm
— Chartmeleon (@ChartmeleonTB) March 6, 2023
– Advertisement –
A falling wedge is formed when the price of an asset is in a downtrend, and the price action is contained within two converging trendlines that slope downward. A bullish divergence occurs when the asset’s value makes a new low, but its indicator makes a higher low. This suggests that while the VET still makes lows, the downward momentum weakens, indicating a potential reversal.
Vechain (VET) To $1
Meanwhile, the asset is down 13.86% in the past week, currently trading for $0.02457. Analysts from Changelly forecast a maximum price height of $0.48 for VET by 2030, asserting that the asset’s goal to claim the $1 price could be achieved in 2032.
VeChain’s Growth-oriented Strategies
These analyses come on the heels of the latest bullish development surrounding the VeChain Foundation. The Foundation yesterday announced a strategic partnership with the esteemed Boston Consulting Group (BCG) to bolster its sustainability strategy and communication plan.
The Foundation has also made available a Whitepaper outlining its roadmap for extending to Q1 2024.
It is worth noting that last month, VeChain introduced VeWorld, its very own decentralized self-custody wallet, as part of its drive to attract crypto enthusiasts to its diverse portfolio of crypto-focused products.
On Feb 15th, Vechain also opened its new headquarters in Europe. All these developments suggest positive building that can eventually lead Vechain to $1.
– Advertisement –
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://thecryptobasic.com/2023/03/06/can-vechain-tap-1-following-recent-partnership/?utm_source=rss&utm_medium=rss&utm_campaign=can-vechain-tap-1-following-recent-partnership
- :is
- $UP
- 1
- 2019
- 2024
- a
- achieved
- Action
- Advertisement
- After
- All
- Analyses
- analyst
- Analysts
- and
- Anonymous
- April
- ARE
- AS
- Asserting
- asset
- attention
- available
- BCG
- BE
- bearish
- Bears
- bolster
- boston
- Boston Consulting Group
- breakout
- Building
- Bullish
- bullish divergence
- by
- called
- Campaign
- CAN
- caught
- charge
- Chart
- cited
- claim
- come
- Communication
- consulting
- control
- converging
- could
- crucial
- crypto
- Current
- Currently
- decentralized
- Declines
- Despite
- Development
- developments
- DID
- Divergence
- diverse
- down
- downward
- drive
- enthusiasts
- esteemed
- Europe
- eventually
- extending
- Falling
- Feb
- few
- following
- For
- formed
- Foundation
- from
- goal
- Group
- Have
- Headquarters
- height
- High
- higher
- Highlighted
- However
- HTML
- HTTPS
- identifying
- image
- in
- Indicator
- inked
- IT
- ITS
- Last
- latest
- lead
- Low
- Lows
- made
- MAKES
- max-width
- maximum
- Momentum
- Month
- months
- moves
- network
- New
- non-profit
- notable
- of
- on
- own
- part
- Partnership
- past
- Pattern
- patterns
- plan
- plato
- Plato Data Intelligence
- PlatoData
- portfolio
- positive
- potential
- price
- PRICE ACTION
- Products
- Q1
- reach
- recent
- recently
- resulting
- Reversal
- roadmap
- s
- same
- scene
- Self Custody
- self-custody wallet
- several
- Shortly
- significant
- since
- Slope
- Source
- start
- Still
- Storm
- Strategic
- Strategy
- Suggests
- surge
- Surrounding
- Sustainability
- Tap
- that
- The
- These
- to
- today
- Trading
- true
- uptrend
- value
- VeChain
- VET
- VET Price
- Wallet
- week
- What
- while
- Whitepaper
- with
- within
- worth
- year
- zephyrnet