Will 2M Transactions Boost VET's Market Growth?

VeChain’s BCG partnership and transaction surge may redefine its market position and price trajectory in the blockchain space

Published 9 hours ago

The VeChain price movements have been fluctuating within an ascending triangle pattern, indicating a period of consolidation for traders. Recently, the price has oscillated between $0.037 and $0.029, with bears appearing to have the upper hand. Despite this short-term bearish trend, VeChain has experienced a notable surge over the past month, increasing by more than 16%. This suggests a potential underlying strength in the VET market, hinting at a possibility for future gains.

VeChain (VET) is trading at $0.02932 as of this writing, reflecting a 6% decrease over the past 24 hours. Despite the recent bearish trend in the market, there are emerging signs of a reversal, as buying pressure appears to be mounting. A significant increase in trading volume, now at $53 million, points to heightened interest and activity in the VET market. Furthermore, VeChain’s current market capitalization is valued at $2.12 billion, indicating a robust presence in the cryptocurrency market.

VeChain’s Strategic Move with Boston Consulting Group

VeChain price prediction becomes particularly intriguing with its recent partnership with the Boston Consulting Group (BCG). This collaboration marks a significant stride in integrating blockchain technology with environmental sustainability. VeChain’s venture into Environmental, Social, and Governance (ESG) principles through this partnership is a milestone in blockchain’s application beyond finance and a strong commitment to eco-friendly initiatives.

🚀 #VeChainThor #blockchain smashes records with over 2,000,000 transactions! 🌐#Walmart, #DBSchenker, #BMW, Deloitte, #DNV, #PwC, and more are driving real-world solutions on this blockchain powerhouse📈 💥#VeChain (#VET) price will react, but this will take more time, as… pic.twitter.com/XqtYaIIMXX
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) January 5, 2024

The VeChainThor blockchain has achieved a remarkable milestone with over 2 million transactions, demonstrating its robust capacity. This feat is further amplified by its association with global giants like Walmart, DB Schenker, BMW, Deloitte, DNV, and PwC. These collaborations underscore VeChain’s role in driving real-world blockchain applications. While the immediate impact on VeChain price is gradual, the expanding ecosystem hints at long-term growth prospects.

VeChain Price Dynamics and Technical Indicators

If the bulls maintain control and keep the VET price above the $0.0300 support level, there’s a likelihood of momentum gaining, pushing the price to test its $0.03500 resistance level. Holding at this level could set the stage for a further jump to the $0.0400 mark in the foreseeable future. Conversely, if bearish trends prevail, the VeChain price might break through its current support level, heading towards a lower support level of $0.02500.

The Moving Average Convergence Divergence (MACD) currently shows a horizontal trend, indicating a balance in buying and selling pressures. However, the bearish convergence in averages may signal a potential loss of momentum. Additionally, a Death Cross in the Cross EMA 50/200 Day points to a strong short-term bearish influence in the market.

The Relative Strength Index (RSI) on the daily chart hints at a neutral level, moving towards bullish territory. This could be a positive sign for investors. However, the resistance faced by VET at the 20-day EMA since its drop from $0.032 suggests challenges ahead in breaking this barrier, keeping the possibility of a further decline open.