VeChain Now In Strong Position To Recover Back To 10 Cents in Q2• April 18, 2022 10:44 am • Comments
The focus of VeChain has always been to be a blockchain that could be used to perform applicable use cases in a real-world economy.
The applications that VeChain covers currently is broad and includes Web 3.0 apps, sustainability initiatives to be “green”, and supporting NFTs.
Earlier in the year, VET had attempted to rally to 10 cents and then a second time towards the end of March where both rallies were met with serious resistance at the 10 cent level.
A final break past this major resistance level would reveal major upside for investors with the next major resistance level at around the 15 cents mark.
$VET update. 🚨
Look at the similarities between Nov. 2020 and Feb. 2022. The RSI went up before end of wave 2 and also before end of wave 4, creating bullish divergence. Wave 3 went up 3,000% in 164 days. Where will wave 5 end?#VeChain #VET #VeFam pic.twitter.com/ytAgX0UP8G
— Crypto_James Ⓥ (@pray_for_profit) April 13, 2022
To put it as simply as possible, VeChain supports VeChainThor, a public blockchain intended to inspire businesses to adopt blockchain technology. Furthermore, Coinmarketcap points out that VeChain is “one of the oldest dedicated smart contract platforms on the market.”
More than anything else, however, VeChain’s most important feature might be its robust community of developers. The project’s white paper explains, “As an open-source project, VeChain has a lively community that has proposed many features such as fee delegations, user identification.”
In a recent effort to drum up interest in this burgeoning community, VeChain promoted its Hackathon. With this, participants were invited to help “build tools that enhance community #dApp building & the #Developer environment.”
It’s a great way to promote the project while incentivizing innovation among the developers in the community. Among the incentives is cold, hard cash, as participants could win “cash prizes, up to $25,000” in VET-USD.
With the hackathon initiatives, it is expected to promote more community projects within the VeChain ecosystem and raise more awareness of the blockchain compared to competitors.
A strong community to promote organic growth is often needed as a foundation before a project is able to cross over to mainstream acceptance one day and it seems VeChain is doing just that.
Twitter tweet data also shows that VeChain’s hackathons have already gained significant social media awareness and indicates that it is also an extremely successful marketing campaign.
The hashtags associated with its hackathons have trended well on Twitter and is likely to stay in trend for days given the strong momentum.
Of course, as it is right now, this is still a grass roots type of campaign as this is something that VeChain has just started, but early investors will stand to gain the most.
— KaY〽️ (@Karhyzm) April 13, 2022
April has seen the Vechain price by over 30 per cent. However, the cryptocurrency is likely to start a new bullish move in the past few days.
This is after recording two consecutive trading sessions where the prices closed above opening prices, and today’s session looks likely to continue the bullish trend.
At its core, the Vechain project aims at solving business-related problems such as supply chain management and business process.
It states its goal is to streamline these processes and information flow for complex chains through distributed ledger technology (DLT).
Looking at the data for the past 24 hours, VeChain has gained over 4 per cent in the markets. Over $199.5 million worth of VeChain tokens have also been bought or sold in the last 24 hours.
This is a 1.7 per cent gain from the previous day. The two data points are an indication that the cryptocurrency may be gaining in the market. The data could also mean that VeChain has entered a bullish market.
With the data showing that VeChain has now likely entered a bullish trend, investors are hoping to see if this third rally will finally break the 10 cent resistance level.
A fantastic achievement @xpnetwork_!#CrossChain and #Interoperability are the future of #Blockchain.#VeChain's powerful #SmartContract platform can cater for enterprise and community #developers alike.
— VeChain Foundation (@vechainofficial) April 14, 2022
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