VeChain (VET) Surges 45% in 24 Hours as Bitcoin Nears $100K, Promises New Roadmap and Ambassador Scheme

VeChain (VET) has been on a tear lately, surging over 45% in the last 24 hours. VeChain, a Layer-1 blockchain that allows developers to create real-world/enterprise dApps, seems to be profiting from the overall bullish sentiment in the cryptocurrency market.

Cryptocurrency VeChain (VET) has seen a surge of over 45% in the last 24 hours, continuing a trend of strong performance.

VeChain, a Layer-1 blockchain that enables developers to create decentralized applications (dApps) for real-world enterprise use cases, appears to be benefiting from the broader bullish sentiment in the cryptocurrency market.

With Bitcoin trading close to the $100,000 mark, gains are being redistributed to altcoins, which are currently seeing strong surges.

VeChain has also seen a rapid increase in price, trading above the $0.043 level after a 45% surge in price today.

This recent surge in VET price can be attributed not only to the current bullish market sentiment but also to ongoing developments, including updates to VeChain's blockchain technology, integration of enhanced security features, and expanding use cases for VET.

According to updates shared by the official VeChain X handle, the upcoming roadmap includes a new VET roadmap, ambassador scheme, changes to protocol - tokenomics, a new stablecoin with USDC bridge, VeUSD swap for GloUSD, an incoming marketing agency, and more.

VeChain continues to capitalize on its growing adoption and partnerships, with the latest being its membership in the European Blockchain Association, indicating a push for greater adoption in Europe.

VET price action

VeChain has seen an uptrend over the last three days, with today's surge being the highest, as the VET price surged from $0.035 to $0.047.

VET price began to rise from a low of $0.03 on Nov. 21; overall, VET has been steadily increasing since Nov. 5, when it was trading at a low of $0.02.

The surge broke through the 50 and 200 daily moving averages at $0.023 and $0.026, which had been suppressing VET price since April. Today's surge culminated in highs of $0.047, last seen in April of this year.

Moving forward, the next resistance range for VET is seen between $0.52 and $0.54. In the event of a price decrease, strong support is expected at the 50 and 200 daily moving averages.

At the last check, VET was trading up 36% in the last 24 hours at $0.04373 and up 53% weekly.