VeChain (VET) Shows Strong Upward Momentum Amid Crucial Ecosystem Development

At the time of writing, VET is trading at $0.04311, marking a 4.91% increase in the last 24 hours. Over the past week, the token has surged by 29.34%.

VeChain (VET) price is surging amid crucial ecosystem developments, showing strong upward momentum. At press time, VET price is trading at $0.04311, showcasing a 4.91% gain over the last 24 hours. Over the past week, the token has surged by 29.34%.

This surge follows the broader market momentum and the launch of VeBetterDAO, which combines sustainability, decentralized autonomous organizations (DAOs), and real-world assets (RWAs). Michaël van de Poppe, founder of MN Consultancy, recently acknowledged VeChain’s impressive price action in a tweet.

According to him, the move is part of a broader trend of older crypto assets experiencing renewed growth. He adds that recent developments within VeChain’s ecosystem, particularly the launch of VeBetterDAO and its B3TR token, have sparked interest in VET.

VeBetterDAO encourages sustainable behavior by incentivizing users while integrating decentralized governance and real-world asset connectivity. Its open participation model engages a wider audience, enhancing the platform’s appeal.

VeChain’s ecosystem initiatives align with emerging trends in the blockchain sector, particularly in leveraging “earn” mechanisms and community-driven engagement.

Price Analysis for VeChain (VET)

Van de Poppe’s technical analysis highlights key support and resistance levels for VeChain. A major support level at $0.02048 has historically provided a solid price floor, while $0.05 represents a significant resistance zone where selling pressure has previously emerged.

According to TradingView data, the Relative Strength Index (RSI) is currently at 68.44, indicating bullish momentum without entering the overbought territory. This suggests that there is still room for potential upward movement.

VeChain Breakout Patterns and Potential Price

Recent price action saw VeChain breaking through the 78.60% Fibonacci retracement level at $0.043, signaling the possibility of continued upward momentum. While a brief pullback followed, it was a trendline retest before further bullish movement.

Based on Fibonacci projections, VeChain’s potential price targets are $0.087 and $0.15. If these levels are reached, it would amount to VeChain rising by over 250% from its current price.