VeChain (VET) gained 10.3% and 51.4% of profits on the daily and monthly charts, respectively. As of press time, the cryptocurrency is trading at $0.13, and it may rise further due to recent developments.
After hitting a potential bottom on October 20day, As analyst Justin Bennett said, VET has experienced an upward breakthrough claim.
With the start of the Bitcoin season, the first cryptocurrency by market capitalization has been gaining liquidity from the altcoin market. In this sense, as Bennett explained, VeChain could have found the bottom in its VET/BTC trading pair, with the key support at 0.123. At that time, Bennet said:
The VET breakthrough is coming. Many people complain about lack of exercise. What they didn’t see was that it was just integration. The longer the coil, the greater the breakthrough. 187 days of consolidation and counting.
The analyst said that yesterday, VeChain (VET) started a breakthrough. This may put cryptocurrencies in a bullish trend, but if Bitcoin does not perform well over the weekend, it may face some obstacles.
In the worst case, is the victory of VeChain (VET) still?
VeChain has consolidated major partnerships around the world, especially in Asia. The platform appears to be part of China’s national blockchain plan, as its appearance in state-supported media suggests.
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As the VeChain Foundation pointed out, they have obtained a certificate issued by the China Association for Standardization, a subsidiary of the State Council. The award was given to the company because they “have made a significant contribution to the T/CAS 493-2021 standard for household electrical equipment.”
This shows that the VeChain Foundation seems to have a close relationship with the Chinese government and may gain more relevance in the next few years.
#唯Chain Obtained a certificate issued by the China Standardization Association of the State Council in recognition of our major contribution to the T/CAS 493-2021 standard for household electrical equipment.
-Vechain Foundation (@vechainofficial) October 22, 2021
Bennett pointed out the importance of VeChain’s expansion into the business world of the non-fungible token (NFT) market in cooperation with the American giant Wal-Mart and most recently DHL. When talking about the potential of VET to be hotter than Ethereum, the analyst said:
VETETH supports the idea that #VET will end this cycle and begin another period of outstanding performance in the next few weeks.
In the next few months, for VET holders, the worst-case scenario can still bring them huge profits, because Bennett expects cryptocurrency to replace its April trend line. During this period, due to the FOMO effect caused by Bitcoin and Ethereum reaching a record high, VET may be traded at a price of $1.
Even if VETETH only rebounded to the April high and ETH was about $10,000, it would keep VET slightly above $1. If this pattern recurs and ETH is 10,000 USD at the time, then VET will be close to 1.50 USD.