VeChain (VET) Has Secured the Coveted MiCAR License, Opening Up Operations Across Europe

Layer 1 smart contract platform VeChain (VET) has secured the coveted MiCAR license, a big step meant to boost confidence and open up operations across 27 European nations.

Layer 1 smart contract platform VeChain (VET) has secured the coveted MiCAR license, a big step meant to boost confidence and open up operations across 27 European nations.

This follows the project’s move to bring renowned UFC President Dana White onboard as an advisor, aiming for wider mainstream attention.

What Other Developments Support VeChain?

These weren’t the only positive developments. VeChain partnered with Stella Pay on a new VeBetterDAO Visa card. This card lets users spend B3TR, VET, and VTHO tokens directly using the global Visa network. VeChain even offered early card users a 200 B3TR token bonus.

Related: July Could Be Big for VET: Analyst Eyes Significant Gains After VeChain Upgrade

And just this past Monday, major exchange Bybit listed VET, expanding trading access.

$VET is now listed and open for trading on @Bybit_Official!Check out their announcements page for details on how to get involved in the listing event: https://t.co/yhCZMsPGgD

Announced today: major exchange Bybit has listed VET, expanding trading access to the token.

Read more: https://t.co/YGYCRDZ4us pic.twitter.com/I5K6dkjRXS

How is VET Price Reacting to This News?

Despite these positive fundamental developments, the price of VET has seen a nearly 7% decrease in the past 24 hours. It is currently trading at around $0.02235 after reaching a daily high of $0.02425.

However, crypto analyst Jonathan Carter remains optimistic. He noted VET recently broke out from a “falling wedge” pattern on its daily chart—a pattern that often signals a bullish reversal. This breakout suggests VET could move towards potential price targets of $0.0275, $0.0400, $0.0480, and possibly up to $0.0570.

What Do VET’s Technical Indicators Show Right Now?

Current indicators test Carter’s bullish view, with the RSI sitting at approximately 41.20, below the neutral level of 50. This suggests that the asset is not overbought and could have room for upward movement.

On the other hand, VET price is currently testing the lower band of the Bollinger Bands (20 SMA at $0.02217, lower band at $0.01981, upper band at $0.02443). Typically, when the price touches the lower band, it can indicate oversold conditions or the continuation of a downtrend.

However, a bounce from this level, combined with the falling wedge breakout mentioned by the analyst, could signal a potential upward move. The upper band around $0.02443 could act as an initial resistance.

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