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Analyst Singles Out VeChain And XRP For Parabolic Surge, Here Are The Targets

Crypto analyst Egrag Crypto has singled out VeChain (VET) and XRP as two crypto tokens that could soon witness significant price surges. The analyst also outlined price targets crypto investors can expect these tokens to attain.

VeChain Could Rise To As High As $2.5

From the chart Egrag shared in his X (formerly Twitter) post, one could see that he was hinting that VeChain hit $2.5 at its market peak. He also elaborated on how the crypto token will rise to that level by breaking its price action into three targets. The first target was the yellow channel, which he highlighted on the chart. 

VeChain

VeChain is expected to rise to as high as $0.18 when this target is fully achieved. Egrag noted that this will mark the “forging of the MACRO-Bottom.” The second target will see the crypto token rise to almost $0.9. The analyst pointed out that this channel “aligns with the Fib 0.702 & 0.786 levels,” forming what he referred to as the “Mid-Bull-Cycle.”

VeChain is expected to rise to as high as $2.5 when the last target is achieved. Egrag remarked that this target aligns with “key Fib levels 1.236, 1.414, & 1.618, suggesting the potential cycle top for #VET.” This isn’t the first time the crypto analyst has laid a bullish narrative for the VeChain token. 

In February, he predicted that the crypto token could witness a 140x price increase if it repeats its price action from around 2021 when it rose by 14.638%. 

XRP Run To $1.4 Still In Play

Egrag provided his bullish analysis of XRP in a separate X post. He stated that the crypto token’s double formation was giving a “strong bullish signal.” He added that he is confident that the “thrust will soon.” This recent analysis was an update to a previous one where he predicted that XRP would rise to $1.4 soon enough. 

XRP

 Back then, he was also confident that this move to the upside was imminent, noting that the bulls had accumulated all the XRP tokens that the bears had dumped. He urged XRP holders to “stay steady” in anticipation of the life-changing opportunities that may arise due to the crypto token’s parabolic surge. 

Egrag has remained bullish on the XRP token despite its unimpressive price action. He has predicted at different times that the crypto token could rise to as high as $27 at its market top. 

At the time of writing, XRP is trading at around $0.54, up in the last 24 hours, according to data from CoinMarketCap.

VET price chart from Tradingview.com

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VeChain On The Edge: Insider Says VET Will Reach The Finish Line

A self-acclaimed VeChain (VET) insider has made a bold claim about the token’s price. The insider suggested that VET’s tepid price action is a strategic ploy by the team, and the token will eventually make a parabolic rise when the time comes. 

VeChain Will “Reach The Finish Line”

The self-claimed insider known as ‘VeChain Whale’ admitted in an X (formerly Twitter) post that VET’s price is slow but added that the token will “reach the finish line.” He made this statement while comparing VET to a “snail” in terms of price action. 

VeChain Whale further revealed that the team could “pump the token” if they wanted but haven’t because of fear of “regulation and other factors.” The claim about regulation looks to be related to the Securities and Exchange Commission (SEC) and the fear that the network could face regulatory scrutiny from the Commission.   

The VeChain “insider” also claimed that the team wasn’t worried about VET’s price because they were aware that “90% of tokens will vanish” after the bull run, but VeChain would still be around. That is why they are choosing to play the “snail game,” unlike the other tokens that “do whatever to gain attractions and move up in the ranking at all cost.” VeChain Whale added. 

As expected, VeChain Whale’s post attracted criticism from crypto community members who questioned when he became a VeChain insider. In response, VeChain Whale stated that he needed to prove the doubters wrong and suggested that a major announcement was coming in June, which would make those doubting him now offer an apology when the time came. 

VET’s Price Set To “Explode”

In a subsequent X post, he mentioned that the team would make many announcements in the next two months, which would cause VET’s price to “explode.” He further assured VET holders that they can expect to see a 10x increase in the token’s price by June. 

Meanwhile, crypto analyst Egrag Crypto previously provided some insights into how high VET’s price could rise when the time comes, mentioning that the crypto token could see a 140x increase in its price. However, Egrag failed to say when precisely this parabolic price surge will happen. 

Crypto analyst and YouTuber Crypto ZX also once predicted that VET was primed to enjoy significant price increases and further stated that the crypto token could hit new all-time highs (ATHs) if it succeeded in breaking certain resistance levels. 

At the time of writing, VET is trading at around $0.0455, up over 7% in the last 24 hours according to data from CoinMarketCap. 

VeChain (VET) price chart from Tradingview.com

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New Era For VeChain: Marketplace Platform Unveiled, Price Spike Looming?

In a new development, VeChain (VET) has announced the introduction of its latest No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS), fueling optimism within the community of an impendent price uptick.

The announcement also featured the collaboration of the MotoGP racing team Gresini Racing as its first enterprise client. By collaborating with Gresini Racing, an enormous fan base will be offered digital collectibles through the MaaS platform.

VeChain To Onboard A Rapid Tokenizing World

With the launch of its No-Code Tokenized Asset Marketplace (MaaS) platform, VeChain has made tremendous progress toward increasing mass adoption of blockchain technology. VeChain’s continuous goal to promote widespread blockchain technology adoption by removing technological hurdles is consistent with this user-friendly strategy.

Since its founding, VeChain has created several use cases powered by blockchain applications. These include product authentification, creating new digital communication channels, provenance and sustainability traceability, and others. This demonstrates its understanding of the tremendous potential that its technologies have for Web 3.

Given the rise in demand for tokenizing Real-World assets (RWAs) solutions, the introduction of MaaS seems appropriate. Furthermore, NFC functionality and support for “Phygitals,” or real-world physical assets with NFT/digital counterparts, will be added later in the platform. 

Specifically, this innovation was created to significantly influence the digital asset market. It aims to provide enterprise and individual builders with an “easy-to-use white-label NFT platform for digital asset sales” and transfers that require little to no programming.

MaaS applications are diverse and address the increasing need for platforms that enable asset tokenization. Blackrock‘s latest application for a Real World Asset (RWA) tokenization fund highlighted this path.  So far, the No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS) is expected to be fully operational later this year.

VET Is On A Downtrend 

Despite the launch of MaaS, VeChain (VET) is witnessing a daily downtrend of nearly 2%. However, in the weekly timeframe, the crypto asset has increased by over 5%, suggesting an upward move. 

As of the time of writing, VET was trading at $0.0440, with its market cap dropping by 2.78% in the past day. Meanwhile, its trading volume is down by about 24% in the last 24 hours.

In August 2018, during a downside trend in the cryptocurrency market, VET made its market debut. However, following the 2021 bull run, VET rose to the top, peaking at $0.281 before the cycle ended.

VeChain

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VeChain Ready For Blast-Off: Crypto Analyst Predicts VET Price To Rally 14,600%

Crypto analyst Egrag Crypto has put out an ultra-bullish price prediction for VeChain (VET), which the analyst predicts will achieve significant gains soon enough. 

VeChain To See A 140x Gain

Egrag mentioned in an X (formerly Twitter) post that the VeChain token could see a 50x or 140x gain. He further highlighted how the crypto token could achieve any of this move to the upside. Analysing the chart, he stated that a 50x move could be in play if VET sees a similar percentage increase to the one that occurred around 2019. 

Back then, VET is said to have seen a 5,892% increase. Egrag predicts that the crypto token could rise to $0.9 if this move is indeed in play. Meanwhile, for the 140x gain, the analyst claimed that this move could be in play if the market eventually witnesses a similar percentage increase to the one around 2021 when VET’s price increased by 14,638%.

Related Reading: Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural, Rally Imminent?

That was when the crypto token hit its all-time high (ATH) of $0.27. Egrag predicts that VET could rise to as high as $2 if this is the move that ends up materializing. This prediction also means that VET will likely see a new ATH in the next bull run. 

This is not the first time Egrag has offered a bullish price prediction for the VET token. Last year, the analyst predicted that VET could rise to $1.6 based on historical patterns. This prediction came after the crypto token made an impressive surge of 77%, hitting price levels unseen since May 2022. 

Big Moves Still Lie Ahead For VET

IEgrag isn’t the only analyst who has recently laid out a bullish narrative for the VeChain token. Crypto analyst and YouTuber Crypto ZX also gave an analysis where he predicted that the crypto token could hit new ATHs if it succeeded in breaking certain resistance levels. One level he highlighted then was the $0.033 mark.

The analyst had also suggested that VET was currently in a period of consolidation as it gears up for another move to the upside. On the next leg up, Crypto ZX predicted that the crypto token was going to surge above the $0.033 resistance level. The analyst further revealed that a move above that level would be vital to unlocking new highs. 

Interestingly, VeChain has since risen above that level. At the time of writing, the crypto token is trading at $0.0474, up over 5% in the last 24 hours, according to data from CoinMarketCap. 

VeChain (VET) price chart from Tradingview.com

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VeChain Ready For Blast-Off: Crypto Analyst Predicts VET Price To Rally 14,600%

Crypto analyst Egrag Crypto has put out an ultra-bullish price prediction for VeChain (VET), which the analyst predicts will achieve significant gains soon enough. 

VeChain To See A 140x Gain

Egrag mentioned in an X (formerly Twitter) post that the VeChain token could see a 50x or 140x gain. He further highlighted how the crypto token could achieve any of this move to the upside. Analysing the chart, he stated that a 50x move could be in play if VET sees a similar percentage increase to the one that occurred around 2019. 

Back then, VET is said to have seen a 5,892% increase. Egrag predicts that the crypto token could rise to $0.9 if this move is indeed in play. Meanwhile, for the 140x gain, the analyst claimed that this move could be in play if the market eventually witnesses a similar percentage increase to the one around 2021 when VET’s price increased by 14,638%.

Related Reading: Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural, Rally Imminent?

That was when the crypto token hit its all-time high (ATH) of $0.27. Egrag predicts that VET could rise to as high as $2 if this is the move that ends up materializing. This prediction also means that VET will likely see a new ATH in the next bull run. 

This is not the first time Egrag has offered a bullish price prediction for the VET token. Last year, the analyst predicted that VET could rise to $1.6 based on historical patterns. This prediction came after the crypto token made an impressive surge of 77%, hitting price levels unseen since May 2022. 

Big Moves Still Lie Ahead For VET

IEgrag isn’t the only analyst who has recently laid out a bullish narrative for the VeChain token. Crypto analyst and YouTuber Crypto ZX also gave an analysis where he predicted that the crypto token could hit new ATHs if it succeeded in breaking certain resistance levels. One level he highlighted then was the $0.033 mark.

The analyst had also suggested that VET was currently in a period of consolidation as it gears up for another move to the upside. On the next leg up, Crypto ZX predicted that the crypto token was going to surge above the $0.033 resistance level. The analyst further revealed that a move above that level would be vital to unlocking new highs. 

Interestingly, VeChain has since risen above that level. At the time of writing, the crypto token is trading at $0.0474, up over 5% in the last 24 hours, according to data from CoinMarketCap. 

VeChain (VET) price chart from Tradingview.com

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Can VeChain Reach New Heights? Analyst Predicts Potential Bull Run

Bitcoin’s bullish momentum has fueled the crypto market to an upward trend. As the flagship cryptocurrency rises to the $52,000 level, several other cryptocurrencies follow its steps closely and exhibit signals of a possible bull run.

Accordingly, a renowned crypto analyst has predicted a potential bull run for VeChain (VET) that could lead the token to a new all-time high (ATH).

Will VeChain Repeat History?

Crypto analyst Ali Martinez has shared his prediction for VET this week. The analyst believes history could repeat itself, and the cryptocurrency may see its biggest week in years.

According to Martinez, VET seems to be repeating historical patterns that preceded the 2021 bull run and saw the token’s price rise to its all-time high price. In the X (former Twitter) post, the crypto analyst predicted that VET could surge to the $0.054 price range, a level it has not reached since April 2022.

The chart below shows the 595-day consolidation period that preceded the 2021 bull run. The cryptocurrency moved sideways during this period before eventually breaking out and reaching its ATH of $0.281.

Similarly, the chart indicates the current 644-day consolidation period in 2022. If history repeats this week, Martinez believes VET’s pattern could follow the 2021 trend and drive the token’s price upwards to $0.054. The analyst also predicted a potential price correction that would last until June.

After the correction, Martinez predicts a bull run that would skyrocket the cryptocurrency price to $0.70 by November of this year. This long-term prediction would triple VET’s previously established ATH.

VET Price Action

As previously reported, VET’s price broke above a significant resistance level in December 2023 before suffering a pullback. In January 2024, the cryptocurrency faced another rejection following an attempt to break out of the same $0.03 price resistance.

Following the recent Bitcoin rally, VET has been tracking its movements, mirroring a trend similar to that of the flagship cryptocurrency, as the chart below shows.

At writing time, VET is trading at $0.04625, a 5.1% surge in the last hour and a 32.3% surge in the previous 24 hours. According to CoinGecko data, cryptocurrency takes the 34th spot in market capitalization.

VeChain has a daily trading volume of $195 million, representing a 68.5% increase in one day. These metrics suggest a rise in market activity for the cryptocurrency and hint at a positive sentiment among investors.

However, despite Martinez’s prediction, VET’s price has a long road ahead as it is still 85.33% lower than the all-time high price achieved three years ago.

VET, Vechain, Crypto

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VeChain Ready For Big Moves: Analyst Identifies Key Factors That Will Drive VET To New ATH

Crypto analyst and YouTuber, Crypto ZX has released an update on VeChain (VET) price movements, predicting a surge to new all-time highs if the cryptocurrency succeeds in breaking certain resistance levels. 

Catalysts Behind VET’s Projected Price Surge

In a YouTube video released on Monday, Crypto ZX explored VeChain’s historical and recent price actions, emphasizing a potential for an upward trajectory as market down trends subside. The analyst delved into VeChain’s recent performance in relation to Bitcoin, offering insights into key resistance levels and projecting a major surge during the anticipated 2024 bull run. 

According to the Crypto ZX, VeChain previously broke above a significant price resistance on December 20, 2023, reaching almost $0.039 before undergoing a subsequent pullback. Despite an attempt to breach the same price resistance on January 11, 2024, the cryptocurrency faced a notable rejection. 

Crypto ZX has suggested that VeChain may be consolidating around the $0.03 price range. Nonetheless, the cryptocurrency’s expected goal is to experience a surge beyond the crucial resistance level at $0.033 cents. 

The analyst has revealed that a break above the resistance level would give VeChain a greater chance to surge to new highs. He predicts that if VeChain can overcome current resistance levels, then the price of the cryptocurrency could rise as high as $0.04425 cents.

Crypto ZX explains that the market’s recent downturn has led to VeChain’s fluctuating price movement along the support line. He anticipates a retracement of around 17.26% from the key resistance level and predicts that VeChain could surge to new yearly highs if Bitcoin succeeds in surpassing the crucial levels at $46,000.

“At the end of the day all are speculations, but I am very optimistic about the price of VeChain for the year 2024. I think it is going to shock a lot of people,” Crypto ZX stated. 

VeChain Price Update

In his YouTube video, Crypto ZX provided an update on VeChain’s recent price movements and current value. According to the analyst, VeChain is down about 2.3% on the daily time frame. He reveals that the majority of the market is also down currently due to Bitcoin’s recent pullback.

At the time of writing, VeChain is trading at $0.027, reflecting a decrease of 1.51% in the past 7 days, according to CoinMarketCap. The analyst revealed that the cryptocurrency is also down by 1.9% in BTC, compared with the market capitalization, which is holding very strong above the $2 billion mark. 

Crypto ZX has disclosed that despite the traction gained by VeChain’s ongoing projects and developments, the cryptocurrency has not reflected the impact. He emphasized that VeChain is undervalued, considering the overall expansion and advancements the cryptocurrency has undergone.

VeChain VET price chart from Tradingview.com

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VeChain Skyrockets By 77% To Reach New Yearly High, Analyst Bullish On VET Targeting $1.6

In a remarkable display of bullish movement, the smart contract blockchain VeChain,  and its native token VET have emerged as significant players in the altcoin rally, experiencing an impressive surge of 77% since the end of November.

Over the past seven days, VET has recorded a substantial 33.5% increase, with an additional 5.4% surge in the past 24 hours, propelling the token to reach a new yearly high of $0.03806, a level unseen since May 2022.

This surge in VET’s value has generated substantial excitement among crypto analysts, who predict promising days and months for the token, noting a clear bullish momentum across various time frames. 

VeChain Potential Breakthrough 

Rekt Capital, a renowned crypto analyst, highlights the progress VeChain has made in closing the “Volume Gap” between $0.01728 and $0.02694. 

Rekt Capital suggests that VeChain is now primed to test the resistance wall between $0.0500 and $0.0600. This analysis indicates that VeChain’s momentum is strong and positions the token for potential further growth.

VeChain

However, while the bullish prospects for VET appear promising, significant resistance lines must be overcome to achieve further gains. 

In the event of a continuation of the VET rally above $0.0600, the token will face resistance walls at $0.06170 and $0.06450 before reaching the $0.0700 level on its path towards the coveted $1 mark.

VET’s Potential Surge To $1.6 Based On Historical Patterns

In addition to Rekt Capital’s analysis, Egrag Crypto, another respected crypto analyst, offers an optimistic outlook for VeChain’s future. 

Egrag Crypto believes that VeChain has the potential to reach an impressive target of $1.6. To support this projection, Egrag Crypto examines VeChain’s previous price movements and identifies patterns that indicate the potential for significant growth. 

VeChain

By analyzing a similar move ‘A’ from VeChain’s launch point at around $0.90, which resulted in a threefold increase from the previous all-time high, Egrag Crypto suggests that VeChain could replicate a similar move, leading to a surge towards the $1.6 mark or even Fib 1.618.

Egrag Crypto’s analysis aligns with VeChain’s historical performance and reinforces the notion that the token has the potential for substantial growth. 

With VeChain’s previous all-time high standing at $0.27, achieving the projected $1.6 mark would require a relatively modest 6X surge. Egrag Crypto’s analysis suggests that VeChain could easily experience a 50X to 100X climb from its bottom, presenting an enticing opportunity for investors and traders.

VeChain

The future trajectory of VET’s uptrend remains uncertain, as it faces the possibility of a correction. The potential risk lies in gainers selling off their tokens, which could jeopardize the bullish momentum of the token. 

However, the analyses provided by both Egrag and Rekt indicate that VET is well-positioned to reach and even surpass its previous all-time high.

Featured image from Shutterstock, chart from TradingView.com

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Analyst: VeChain Enters Buy Zone, Should You Jump In?

On the weekly timeframe, a crypto analyst named Egrag explained on Twitter that VeChain (VET) is currently in a buy zone. He further explained the details of its possible price behavior using trading charts and noting recurring patterns.

VET is in the green today, holding onto its gains from yesterday’s closing price. 

Egrag’s Analysis on VeChain (VET)

Egrag mentioned VET’s attempt to exit the descending channel and move into an uptrend in his analysis. The asset has remained in a descending channel since it fell below its all-time high value of $0.2782 in April 2021.  According to Egrag, VET attempted a breakout from this descending channel five times previously. 

He noted that the more VET attempts, the closer it will break upwards from its current channel. Also, the analyst stated that VET would likely form a double bottom. A double bottom is a technical chart pattern where the price of an asset touches a low point twice, with a slight recovery in between.

A double bottom is often associated with a trend reversal, accompanied by a potential break to the upside for an asset. 

The analyst believes this pattern could occur at the $0.015 price level or the $0.007 zone if the asset’s price declines further. Historical data shows that the last time VET reached this price level was in June 2020. 

Egrag set up three targets for the asset as pivot points to exit the descending channel. His price targets are $0.0648, $0.11649, and $1.66. He believes that VET will repeat its past price action in 2018 as it remained in a descending channel until it broke out in 2020. 

This breakout climaxed in its all-time high value of $0.2782 on April 17, 2021. In conclusion, the analyst stated that VET is currently in a buy zone which presents traders with an attractive buy opportunity. 

VET’s weekly chart shows that the buy zone is between $0.012 and $0.025. The asset entered this zone in December 2022 and traded there until January 2023.

Analyzing VET’s Price Action

VET is currently in a sideways trend on the weekly chart, but if the analysis is right, the token might see some action in the short term. 

VET’s sideways trend from December 2022 ushered in an uptrend in March 2023. Therefore, the token’s price current sideway trend will likely break upward in the coming weeks if history repeats itself and VET can break from the descending channel. 

The Relative Strength Index (RSI) is 41.89 in the neutral zone, reflecting the trend on the weekly chart. However, it will move to the upside if the bulls prevail. But VET is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish signal for the asset. 

Combined with the descending channel and price consolidation, this fact could hint at a fresh decline. If VET cannot target and reach higher levels, bears could re-take control and send the token back into critical support.

Vechain

VET is currently trading at the $0.01943 price level and may increase to $0.06 in the coming weeks as it recovers.

Featured image from Pexels, chart from TradingView

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VET Price Retraces, But Sellers Should Short At These Levels

The price momentum of VeChain (VET) registered a halt over the last 24 hours after the altcoin started to trade laterally. In the same time frame, the coin dipped 0.9%, which is minor meaning that VeChain was in consolidation.

The coin had picked up bullish momentum at the beginning of this year, but the bears could not sustain the price above the $0.021 mark. The technical outlook of VeChain still points towards bullishness. The altcoin was overvalued at the time of writing, which emphasizes that a price correction is on the way.

A price correction also presents a shorting opportunity for traders. The accumulation on the chart also noted a downtick, but despite the downtick, demand for VET was substantial. However, VET will soon lose its current price level if buyers continue to lose interest.

At the moment, VeChain has secured the $0.019 price level as its current support mark. Moving below the price above the mark will make VeChain come under the influence of bears again. The VET price is 92% lower than its all-time high secured in 2021.

VET Price Analysis: One-Day Chart

VET

VeChain was trading at $0.0207 at the time of writing. The altcoin was trading within an upward parallel channel, which showed bullishness. However, VET traded outside the parallel chain over the past trading sessions.

As the coin moved outside of the parallel chain, the bulls failed to cross the $0.0212 price level, which acts as the current resistance price level for the coin. Local support for the coin stood at $0.020, and as VeChain depicted a correction, it is expected to fall below the $0.0193 level.

Both the $0.020 and the $0.0193 price levels can act as shorting levels for the coin. The amount of VeChain traded in the last session declined, which meant a slight fall in demand.

Technical Analysis

VET

The altcoin was overvalued on the daily chart, and although demand for the coin registered a fall, the bulls were still hovering in the market. The Relative Strength Index was a few points below 80, indicating that the coin was under the influence of buyers.

With a price correction, VET can dip to $0.0193 before it starts to pick up momentum. On the same note, the VET price was above the 20-Simple Moving Average line (SMA), which meant that buyers were driving the price momentum in the market.

It was also above the 50-SMA line (yellow); however, another pull from the bears will drag VET below the 50-SMA line.

VET

Technical indicators continued to suggest that VET hasn’t lost its bullish steam. The Moving Average Convergence Divergence, which indicates price momentum and reversals, showed green signal bars.

Green signal bars are tied to a buy signal, but the recent bar was declining in strength, implying that traders should skip buying the asset right away. The Chaikin Money Flow was above the half-line and registered a fall; the capital inflows were far higher than capital outflows despite the fall.

Overall, the market remains on the bulls’ side, but VET has to stay above its crucial support line to keep the bears from returning.

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Why VeChain Is Attractive At $0.02, Is VET Aiming For A Big Move?

The crypto market successfully bounced from support with major cryptocurrencies recording profits over today’s trading session, VeChain (VET) follows the general sentiment. The cryptocurrency has been able to preserve some of its gains from yesterday’s session and seems poised for further highs.

At the time of writing, VeChain (VET) trades at $0.023 with a 2% profit in the last 24 hours and a 5% profit over the past 7 days. In higher timeframes, the cryptocurrency records significant losses, but in the short term, this trend might be starting to reverse.

VET’s price shows a positive reaction as the crypto market rebounds on the 4-hour chart. Source: VETUSDT Tradingview
VeChain Price About To Breakout?

According to analyst Justin Bennett, the price of VeChain has been forming a falling wedge structure. This price pattern has been in the making since August 2022.

At that time, VeChain saw an important rally after months of trading sideways between its current levels, and a high of around $0.03. In August, VET’s price attempted to break out of this range but was rejected from those levels.

This led the price to a massive decline and the formation of the falling wedge. As VeChain moves at the lows of its range, and with the crypto market bouncing from a critical support zone, VET’s price might be ready to take off, as seen in the chart below.

Per Bennett’s analysis, VeChain might grind higher and touch levels north of $0.03. At that time, bulls need to make a final push to confirm the breakout and reclaim the area around $0.04. Bennett said: “$VET is starting to look attractive at this range low combined with the falling wedge since August.”

VET’s price ready to push to the top of this channel? Source: Justin Bennett via Twitter
VeChain Price To Follow This Bitcoin Pattern

The fate of VeChain’s price action, and the fate of a large portion of the crypto market, is tied to Bitcoin. The number one cryptocurrency by market cap has been leading the current rally as macroeconomic forces operate as headwinds to any bullish momentum.

As NewsBTC reported yesterday, based on Bennett’s analysis, Bitcoin is also at the bottom of a major channel. As seen below, the cryptocurrency has been operating with $18,700 as a bottom and might be on the verge of reclaiming $26,000, the top of its current range.

After a period of consolidation, bulls could have enough ammunition to push the price into those levels, and take the liquidity created by short positions expecting further losses. As long as Bitcoin stays above $18,700, VeChain has a fighting chance.

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VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend

The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action.

Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

At the time of writing, VET’s price trades at $0.022 with a 3% and 32% loss over the last 24 hours and the past month respectively.

VET’s price trends to the downside on the 4-hour chart. Source: VETUSDT Tradingview

According to crypto analyst Justin Bennett, VeChain lost a major area of support when it broke below $0.024. As seen below, this area was the last line of resistance for a “neckline” or a trendline that saw VET’s price after an increase in previous selling pressure.

Not everything is lost for the bulls, the analyst believes, as long as VeChain is capable of holding above $0.021. This area is a “much more significant support for the market”.

In case of further downside action, VET’s price could drop into this support line before seeing some relief. If the price manages to get back above the neckline, it could support a bullish continuation.

However, traders should wait for confirmation if VET’s price can return to $0.024 and then to $0.026. Beyond that point, $0.028 seems like a very important area of resistance.

Bennett believes it seems more possible that VeChain will continue on its downtrend:

Resistance for VET is around $0.0237, which is the neckline it broke below yesterday. All in all, the market looks relatively weak. So even if we do see some additional relief, I think a move to at least $0.016 makes the most sense right now.

Traders should watch out for a daily close below current levels or $0.022. This could hint at potential losses targeting the levels mentioned by the analyst.

VET’s price breaks below the neckline of support on the 4-hour chart. Source: Justin Bennett
What Could Save VeChain In The Long Run?

As NewsBTC reported, VeChain is currently in the process of deploying a major consensus update. This could facilitate the corporate adoption of the blockchain VeChainThor and inject fresh capital into the ecosystem. However, this will positively impact VET’s price over the long run.

In the short term, Bennett claims the current macro conditions don’t support bullish momentum in the crypto market. The analyst recently pointed out a “Head and Shoulders” pattern formed on the crypto market total capitalization 4-hour chart.

Related Reading | Ethereum Rising Gas Fees are Still Concerning But Presents Opportunity For Decentralized Exchanges

This pattern often precedes further losses by a certain asset. The total crypto market cap currently stands above $800 billion and could crash into the $700 billion if the pattern plays out. Any long positions, at current levels, seem at risk, as Bennett explained:

$TOTAL is a perfect example of how to use a failed head and shoulders to your advantage. That failure offered a short opportunity. I never thought to long this because of the established downtrend. I was always expecting it to fail.

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VeChain Heads For Consensus Update, Can VET Price Lessen Bearish Pressure?

VeChain follows the general sentiment in the market and has experienced some relief across low timeframes. The crypto market trended below the critical support zone during the weekend but saw it bounce during today’s trading session.

Related Reading | Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000

Buyers have been able to push back bears in the short term but could still face further losses. At the time of writing, VET’s price trades at $0.02 with a 2% profit in the last 24 hours and an 11% loss in the last 7 days.

VET’s price trends to the downside on the 4-hour chart. Source: VETUSDT Tradingview

Despite the downside price action for larger cryptocurrencies, VeChain has managed to preserve its value over the past week. This cryptocurrency is on track to deploy a major update to its network which could be providing additional support.

The VeChain Foundation announced that the upgrade, dubbed Proof-of-Authority (PoA) 2.0, was successfully deployed on a testnet. The Foundation claims this milestone marks important progress towards a mainnet launch.

The update is set to remove the tradeoffs from the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus. The Foundation claims that this upgrade could use a new wave of “mass adoption” as the blockchain VeChainThor will provide its users with data finality and more scalability.

Designed to provide companies with a secure blockchain, use-case adaptive, and support corporate use cases. The VeChain community approved this consensus back in 2021, and once it’s deployed, will make this network one of the only blockchains running on a hybrid consensus.

The Foundation claims that PoA 2.0 will introduce a “finality gadget”, an add-on mechanism that will validate blocks twice. First with the Nakamoto consensus and then with the “finality gadget” to make transactions “impossible to revert”.

VeChain Foundation’s Chief Scientist Peter Zhou said the following on this update and its bullish case for the blockchain VeChainThor:

It’s a huge milestone for PoA2. With the finality gadget, VeChainThor blockchain is going to provide the state-of-the-art security while maintaining its high standard of performance.

VeChain Sitting On The Danger Zone

As VET’s price traded downside, analyst Justin Bennett claimed a revisit of the levels at $0.01 seemed “likely”. Bennett has been bearish on the crypto market and expects the total crypto market to continue its decline.

Related Reading | Bitcoin Long-Term Holder Loss-Taking Now Highest Since 2019

This could spell more pain for VET’s price, at least in the short term, but provide long-term holders with a buying opportunity as the network prepares to implement PoA 2.0. Bennett said:

This bounce looks weak so far. Most likely another bull trap before the next round of selling.  I still think we see $TOTAL reach the $670-$730B area before a relief rally. That’s 17-25% below current levels.

I've removed these bids as we'll likely see $VET visit 0.016 at a minimum. https://t.co/URERjQf0rS

— Justin Bennett (@JustinBennettFX) June 18, 2022

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How VeChain Landed $100 Million UFC Marketing Deal

The VeChain Foundation and the Ultimate Fighting Championship (UFC) announced a multi-year marketing collaboration. The partners claim the deal is a “first of its kind” aimed at “breaking marketing ground” for the blockchain-based organization and the mixed martial arts organization.

Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally

In that sense, the VeChain Foundation will have an “unprecedented level of integration into key UFC assets”. This will include live events, broadcast features, in-arena promotion, and original content reserved for UFC distribution alone.

Data provided by the UFC claims there are over 900 million households in 175 countries with exposure to its mixed martial arts events. If only 1% of these numbers decide to enter the VeChain (VET) ecosystem, the network would see a huge spike in adoption levels.

Co-Founder and CEO of VeChain, Sunny Lu, said the following about the partnership:

It is a historical moment when VeChain, the Layer 1 public Blockchain with the most enterprise adoption, joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability. This is just the beginning of a multi-year relationship with UFC, and we really look forward to changing the world together.

Paul Asencio, UFC Senior Vice President of Global Partnerships acknowledged VeChain’s role in the crypto space and expressed his excitement as they become a major UFC partner. Asencio added:

VeChain’s expertise in using real-world blockchain applications to help the public and private sector achieve their carbon-neutral goals is an effort we are proud to support.  We’re looking forward to working with VeChain to leverage UFC’s worldwide popularity to promote a positive message that blockchain technology can be used to protect our environment for future generations.

How VeChain Will Benefit From Its UFC Deal

According to the release, VeChain will own UFC’s official fighter rankings titleship, this is designed to provide the blockchain with visibility and to attract more users to the network. The ranking will be titled “UFC Ranking Powered by VeChain”.

The collaboration will also grant VeChain branded presence inside the UFC Octagon across all of its events. The visibility will extend to Pay-Per-View events, UFC digital, and its social media platform, and its in-venue events.

UFC and the blockchain-based nonprofit organization will collaborate to create unique content and to develop corporate activities. UFC athletes will receive financial incentives to act as VeChain ambassadors and further strengthen the network’s visibility and potential adoption levels.

The partnership will debut next Saturday, June 11 at the Teixeira vs. Prochazka at the Singapore Indoor Stadium.

We look forward to working with @ufc in the years ahead & helping the world discover the power of public #blockchain for initiatives from #Carbon management, #Sustainability, #SDGs and much more.#VeChain will revolutionize the global economy. https://t.co/3O4BvO3rAs $VET

— VeChain Foundation (@vechainofficial) June 9, 2022

Related Reading | Why VeChain May Run Out Of Fuel After 90% Rally

At the time of writing, VET’s price seems to be slightly reacting to the news as it records a 3% profit on its 4-hour chart.

VET’s price moving sideways but with some recent gains on the 4-hour chart. Source: VETUSDT Tradingview

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Why VeChain May Run Out Of Fuel After 90% Rally

VeChain has been able to preserve its current levels as the crypto market loses steam. The sector has seen a recent bullish price action which has led the price of VET and other digital assets to a yearly high.

Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally

At the time of writing, VeChain (VET) trades at $0.083 with a 13% and 80% profit in the last day and 30-days, respectively, according to data from CoinGecko.

VET with bullish momentum on the 4-hour chart. Source: VETUSDT Tradingview

Two weeks ago, NewsBTC reported a potential 40% rally for VeChain. Based on an analysis from Justin Bennett, the cryptocurrency was on the brick of breaking above a trend line which signaled potential appreciation.

This trend line marked the beginning of a multi-month downtrend, and its reversal could take VeChain into the $0.10 price point. Therefore, Bennett called this move “significant in terms of the overall context of the market”.

VeChain is yet to complete its full bullish trajectory into the $0.10 levels and beyond. However, it did manage to score a 90% rally, according to Bennett, destroying the market expectations of further downside:

VET is the same project everyone on CT said was dead for months. +97% in 16 days is quite the move for a “dead” coin. Let that be a lesson for anyone who jumped on the CT bandwagon. Peak pessimism amongst the masses usually means a buying opportunity isn’t far away.

The $0.080 point will be critical to determine if VeChain can sustain its current momentum. If these levels hold, VET’s price could appreciate further and return to its pre-crash levels from $0.10 to $0.14.

VET’s price breaking above a downside trendline. This suggests more appreciation. Source: Justin Bennett via Twitter

Data from Material Indicators (MI) suggest potential resistance at VET’s price current levels. There are over $2 million in asks orders above the $0.080 mark which could operate as resistance.

As seen below the most important level to break is $0.90 which holds the majority of asks orders. Above this price, there is little resistance.

VET’s price with resistance (yellow and red above price) at current levels. Source: Material Indicators
Will VeChain Continue To Appreciate?

Additional data provided by Material Indicators (MI) suggest retail investors (orange in the chart below) have been buying into VET’s price recent price action. In the meantime, investors with larger orders (in green and red in the chart, with selling orders between $1,000 to $10,000) began selling.

VeChain has sustained its momentum because investors with bids orders of around $100,000 (purple in the chart) have been continuously supporting its price. If this investor class continues to support VET, the price can stay at its current levels or trend to either side.

Related Reading | Polkadot, Vechain Founders Pledge Over $10 Million In Crypto To Ukraine

Retail investors buy, but purple seems to dominate and dictate momentum.

Investors with $100k bid orders sustain current momentum as other investor classes (red and green) sell. Source: Material Indicators

 

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Why VeChain (VET) Could Be On The Verge Of A 40% Rally

VeChain has been moving sideways during the past week, with more downside action than larger cryptocurrencies. While Bitcoin, Ethereum, and others have seen some gains, the price of VET continues to trend downwards.

Related Reading | VeChain Records 7% Profits And It Could Outperform ETH, Here’s Why

As of press time, VeChain trades at $0.048 with an 8.9% and 34% loss during the past two weeks and 30-days, respectively. However, the cryptocurrency could be sitting at crucial levels and poised for major price appreciation.

VET trends to the downside on the daily chart. Source: VETUSDT Tradingview

Analyst Justin Bennett claims this upcoming VET’s price rally could push the cryptocurrency up 40% off its current levels.

On the weekly chart, the analyst identified a setup from back in 2020. At that time, VET’s price was preparing for what ended up as one of its biggest rallies in subsequent months, according to Bennet.

The analyst recommended his audience to “take everything with a grain of salt”. In that sense, he showed the price of VET moving sideways in an inverse “head and shoulders” pattern.

As seen below, when VeChain managed to break above that trend line, its price was able to resume bullish momentum into uncharted territory. At the time, VET’s price recorded over 1,000% gains through 2021.

Source: Justin Bennett via YouTube

Trending downside from that rally, as the chart shows, VET’s price has returned to below its 2018 trendline, to levels last seen before the previously mentioned rally. Bennett said:

In order for VET to move significantly higher this year, I’m talking $0.10 and higher, it is going to have to get above this trendline. So, this is what I mean by this trendline it’s going to be significant in terms of the overall context of the market.

VeChain, Bennet added, already attempt to get back above this trendline, but failed near the $0.070 price mark. Until VET’s price can return to those levels, the cryptocurrency is on a downtrend.

Can VeChain Break Above This Critical Level?

Bennet clarified that VET’s price could see some relief in the short term. The cryptocurrency could be poised for a 40% move back to its previous resistance levels at $0.070.

In order to achieve that bullish move, in lower timeframes, VeChain will need to break above the area around $0.050. As seen below, on the daily chart, VET’s price needs to see a daily close above this resistance price point. Bennett said:

The market is kinda getting into a point where it’s gonna have to make a decision (…). The set up I’m looking for for VET is going to be a daily close above the $0.050 area (…). Then we are looking at a potential move up to that $0.070 area (…). From $0.050 to $0.070 it may not sound like a lot, but that is a 40% rally. In my opinion, it’s worth the wait.

Source: Justin Bennett via YouTube

Data from Material Indicators shows VET’s price currently sits at $500,000 in bids orders. These orders could operate as support as VeChain moves into the critical resistance area around $0.050.

Related Reading | Polkadot, Vechain Founders Pledge Over $10 Million In Crypto To Ukraine

If VET’s price breaks above those levels, the next resistance levels stand at $0.050 which records less than $200,000 in asks orders.

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VeChain Records 7% Profits And It Could Outperform ETH, Here’s Why

VeChain has been trading in the green during the last day as the crypto market shows signs of a potential recovery. The cryptocurrency could be benefiting from positive developments around its most recent partnerships.

Related Reading | VeChain (VET) Sends Bearish Signals? Analyst Points Key Levels

At the time of writing VET records a 7% profit in the last 24-hours outperforming larger cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH) which record a 3.3% and 4.9% profit, respectively, over the same period.

VET with minor profits on the 4-hour chart. Source: VETUSDT Tradingview

In an official post, the VeChain Foundation revealed its involvement at establishing the “Shanghai Association Standards For Blockchain Service” certification. Created to “expedite” the growth of blockchain based products and services, this certificate became effective in early February 2022.

The Foundation partnered with the Shanghai Municipal Administration of Market Supervision and the Shanghai Certification Association to propose the standard. In that sense, VeChain “provided key technical input” based on the project experience, the post claimed.

The project Chief Scientist Dr. Peter Zhou in collaboration with other senior blockchain experts also provided guidance to facilitate the creation of this standard. The post added:

The most important objective of the standard is to provide a robust and proven assessment structure of present blockchain-enabled enterprise services.

The certification has outlined the requirements for entities attempting to provide blockchain as a service products and application including their technical, regulatory, and management obligations. In addition, it provides the necessary evaluation tools and “approaches” to certificate potential companies looking to build their own blockchain based application or use case.

The VeChain Foundation claim the standard is “widely applicable”, while adding the following:

It also contains universal guidance for technology providers looking to offer blockchain-based business services, while providing a valuable reference standard for enterprises looking to define premium, credible blockchain-based digital services.

Why VeChain (VET) Might Continue Recording Profits

This standard and its certification initiative has the ultimate objective of driving VeChain into the mainstream. As the Foundation said, the project has been involved in several initiatives with a similar goal and has attempted to showcase its “technical capabilities and ability to develop standardized, scalable designs”.

In addition to the above, VeChain has been implementing improvements to its mainnet to become the hub for corporate use case of blockchain technology. The Foundation efforts have been seemingly translated into the growth of its ecosystem.

As NewsBTC reported, the network saw the launch of a new decentralized exchange (DEX) called ZumoSwap and hinted at the launch of a new stablecoin.

Related Reading | VET Breaks Major Trend Line, Why VeChain Could See Massive Explosion

VeChain’s recent bullish price action could become the new normal for the coming months, according to a pseudonym analyst. As seen below, in the monthly chart for the VET/ETH trading pair, VeChain has entered a critical support area which has historically been follow by bullish price action, the analyst said:

We have been underperforming $ETH for 10 months. In 2019, 2020 & 2021, after green zone retest, each time it only took 3 months to break the old ATH. Assuming we have a retest this month or next, $VET ATH is in May/June 2022.

Source: Nordes via Twitter

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VeChain (VET) Sends Bearish Signals? Analyst Points Key Levels

VeChain has followed the general sentiment in the market and it’s currently trading in the green. Its 24-hour profits stand at 7.8% with VET’s price exchanging hands at $0.053.

VET trends to the downside in the weekly chart. Source: VETUSDT Tradingview

Related Reading | VeChain Foundation Announces New Stablecoin, Could It Create Fresh Demand For VET?

In a recent video posted on his YouTube channel, analyst Justin Bennett looked into VeChain as the sell-off across the crypto market seems to slow down. As seen below, on the weekly timeframe, the analyst believes VET’s price is yet to come out of the wood.

As the chart shows, VeChain broke an important trendline on the aforementioned timeframe as it failed to hold above the $0.060 level. Given the relentless selling pressure that led to a breakdown in that structure, Bennet believes “the market doesn’t look all that great”.

Source: Justin Bennett

As long as VET is unable to break above its current levels and return to its weekly trendline, bears could continue to push the price back to critical support. In order for bulls to have a chance at a climb back to previous highs, VeChain must reclaim the $0.060 level in the short term. Bennett said:

It would have to close the day above $0.0650 before it starts to move back to $0.10, $0.12, etcetera. Until that day I think you have to be careful, and you have to realize that the downtrend is still intact.

In case of further downside action, the analyst determined that the $0.0350 area could operate as critical support. In 2021, this level operated as an early resistance and later as key support when the crypto market trend lower after May.

Related Reading | VeChain Foundation Welcomes New DEX To Its Ecosystem

Therefore, VeChain (VET) is currently at a major crossroad that could determine its price action for the coming months.

Potential Scenarios For VeChain (VET)

In addition to $0.065, $0.035 will be a “level to pay attention to” in case a new lower high comes into play. If the level holds, investors could have an important region for accumulation.

In the coming days, the most like scenario, Bennett claimed, could be a move into resistance for VeChain (VET), Bitcoin (BTC), and Ethereum (ETH). However, he expects those levels to be hard to break and will determine if VET will continue its move into $0.08 or $0.03.

Related Reading | VeChain’s DEX To Launch Governance Token And Yield Farming Program

In the VET/BTC weekly timeframe, VET has formed an ascending triangle that just hit critical support and could operate as support for that potential move into resistance in the coming days.

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VeChain Foundation Announces New Stablecoin, Could It Create Fresh Demand For VET?

The VeChain Foundation has started 2022 with a potential major announcement. Via their official Twitter handle, the organization hinted at the possible released of a new native stablecoin called VeUSD.

Related Reading | VeChain Foundation Welcomes New DEX To Its Ecosystem

The Foundation little details on this new product but announced its followers that it’ll be “something special (…). Something that will allow us to take VeChainThor to the next level in multiple ways”.

The stablecoin VeUSD will be a tool to “unleash” DeFi capabilities for the VeChain ecosystem. The digital asset, according to the official post, was designed following core principles of this ecosystem: sustainability, versatility, scalability.

The blockchain VeChainThor seemed to have been preparing for these new era of DeFi for a while. As NewsBTC reported, 3 months ago this network was upgraded after a community vote approved the implementation of Proof-of-Authority (PoA) 2.0.

Designed to support a “new wave of blockchain mass adoption”, according to the VeChain Foundation, the update was supposed to mitigate any tradeoffs on the consensus layer for the blockchain VeChainThor. At the time, the organization said:

(…) the VeChain Research and Development teams have been working on a massive upgrade of the VeChainThor blockchain called SURFACE (PoA 2.0), standing for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension.

In that sense, VeUSD could become one of the first products to leverage the power of this blockchain post the update.

VeChain’s Own Stablecoin, Potential Benefits And Concerns

The VeChain community celebrated the announcement. Recently, a user called “EffortCapital” proposed the possibility for the Foundation to create an algorithmic stablecoin, such as LUNA with VeThor Energy (VTHO) as collateral.

Thus, creating a burning mechanism, similar to the one introduced in Terra with the Colombus-5 upgrade. This mechanism supports a constant demand for the underlying asset and contributes with its appreciation.

Proposal for #Vechain Foundation to create an algorithmic stablecoin backed by $VTHO seignorage style (like LUNA).

More VUSD demand -> burn VTHO -> value accrual to $VET@PeterZh47977516 @sunshinelu24

— D⚡ (🏌🏻,⛳) (@EffortCapital) December 30, 2021

This idea saw interest from Sunny Lu, CEO at VeChain. Via Twitter, he asked the community for a tokenomics design for the potential token.

However, not everyone in the community agrees with a stablecoin as the one announced by the Foundation. Some believe VeUSD could change the dynamics in the ecosystem and replaced VTHO, the utility used to power transactions on this blockchain.

Other straight out said that the Foundation and the blockchain has “failed to fulfill their core products”. The network has been implemented in supply chains, and other corporate sectors, but is has rarely focused on developing a DeFi ecosystem.

This approach seems to be changing, as mentioned, with the new upgrades, the DeFi related products, and the stablecoin. Despite the detractors, most users seem to have taken the announcement as bullish.

Related Reading | VET Breaks Major Trend Line, Why VeChain Could See Massive Explosion

The Foundation will share more details in days to come, until then everything remains as speculation. As of press time, VET trades at $0.085 with a 1.95% loss in the past day.

VET trades to the downside in the 4-hour chart. Source: VETUSDT Tradingview

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VeChain Foundation Welcomes New DEX To Its Ecosystem

The VeChain ecosystem continues to grow and recently saw the deployment of a new decentralized exchange (DEX). Called ZumoSwap, it was designed as an alternative to Vexchange, the automated market maker (AMM), and liquidity provision protocol already launched on this network.

Related Reading | VeChain’s DEX To Launch Governance Token And Yield Farming Program

In a Medium post, the team behind ZumoSwap addressed the questions most VeChain users must be making: why launch a new DEX when Vexchange is already functional? According to ZumoSwap, there is “something that doesn’t feel right” about its competitor.

Inspired by Uniswap, the most popular DEX running on Ethereum, the team behind ZumoSwap presented data that suggest Vexchange could have higher fees for its users. Rather than the standard 0.3% fee for slippage on Uniswap, Vexchange charges around 1% which represents a significant increase when compared to the Ethereum protocol.

Therefore, ZumoSwap was created to meet users’ demand for a “native DEX” capable of providing them with a cost-efficient alternative and multiple features. The team behind the VeChain DEX claimed the following:

After careful thinking, we decide to get rid of ALL Uniswap + Web3 code and build from scratch. This is a VeChain project, not one of the Ethereum dApp.

The DEX should be able to integrate with “any wallets that VeChain provides” and operate with what the team called “one-click swap”. They claimed this will improve the DEX experience as it will remove the need for users to operate with two transactions to make a token swap.

On ZumoSwap, you only approve what you need to swap, and better yet, it is done within the same transaction you swap. No longer need to wait for two steps! Fast and secure.

The Many Features Of ZumoSwap, A Native VeChain DEX

In addition to the aforementioned features, ZumoSwap will encourage VeChain users to transact, swap their tokens and keep themselves active. These activities, the post claims, are discouraged by Ethereum and other competitors.

Thus, a protocol that was created to facilitate a transaction becomes less usable as users are priced out from the platforms. In that sense, users will “always” be able to transact with a 0.3% slippage on ZumoSwap.

The platform has integrated an “Auto VTHO Farming” feature. This will let users keep their VTHO yields and provide liquidity to the DEX by supplying VET to the pools. The team behind the project claimed there are “no additional actions required; you farm the VTHO like in your own wallet”.

This could make ZumoSwap an alternative for the users that want to generate more rewards with their VET and keep themselves active on the VeChain ecosystem. ZumoSwap will also operate with a fee delegation mechanism and will launch a ZUMO token in the future.

Congrats @zumoswap with the launch of a new DEX to swap #VeChain based tokens!

According to the team, ZumoSwap offers low cost, one-click swaps using multi-clause transactions & works on all official VeChain wallets among other features such as VTHO farming & more. https://t.co/nvw0VlChKC

— VeChain Foundation (@vechainofficial) December 23, 2021

The ZumoSwap native token and its tokenomics will be described in the future. However, the team behind the project did reveal the following about a potential airdrop:

It will be released in a similar manner of Bitcoin and details will be announced in the following articles. All Liquidity providers and traders and X Node holders will receive the airdrop.

Related Reading | VET Breaks Major Trend Line, Why VeChain Could See Massive Explosion

As of press time, VeChain (VET) trades at $0,091 with a 4.8% profit in the past day.

VET with moderate profits in the 4-hour chart. Source: VETUSDT Tradingview