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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

VeChain Rules Top 100 Crypto List With 67% Rally Ahead Of Major Announcement

Christian Encila
Christian Encila
1 year ago
3 mins read
VeChain

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VeChain (VET), a blockchain platform focused on supply chain management and enterprise solutions, is experiencing a surge in price and trading volume, fueled by bullish predictions and anticipation of a major announcement related to environmental sustainability.

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Over the past 24 hours, VET has jumped an impressive 12%, currently trading at $0.047. This follows a remarkable week where the altcoin gained a solid 67%, defying the recent lull in the broader cryptocurrency market. Notably, trading volume has skyrocketed by a staggering 155%, reaching over $135 million within the same period.

VET price action. Source: Coingecko

VeChain: Technical Breakout And Price Target

Crypto analyst Ali Martinez has garnered attention with his technical analysis, suggesting that VET is nearing the end of its consolidation phase. Martinez, referencing historical price patterns, predicts a breakout to the $0.05 region this week. If his prediction holds true, this would represent a further increase of 36% from the current price.

It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH

— Ali (@ali_charts) February 14, 2024

Martinez’s analysis draws parallels to VET’s 2021 bull run, preceded by a 595-day consolidation period. He posits that a similar trajectory could unfold this year, with a potential first target of $0.054, a level not seen since February 2022. This would translate to a remarkable 56% gain from the current price.

Impending Announcement Fuels Speculation

Adding to the bullish sentiment is the anticipation of a significant announcement from VeChain. Industry insiders hint at the company’s plans to unveil initiatives leveraging blockchain technology to address environmental challenges. The potential for blockchain to promote sustainable practices and create interconnected ecosystems that reward eco-conscious behavior is resonating with investors.

VeChain is joining the global tech community later this month, embarking on a tech-driven campaign to drive a sustainable future at #MWC2024.https://t.co/g1vjVbWuTD

— vechain (@vechainofficial) February 14, 2024

This strategic direction aligns with VeChain’s core values of sustainability and transparency, potentially attracting new investors and partnerships focused on environmental solutions. The announcement’s specifics remain undisclosed, but the buzz has undoubtedly contributed to the recent price surge.

VET market cap currently at $3.543 billion. Chart: TradingView.com

Community Anticipates Price Explosion, Analyst Cautions

VeChain’s strong community is particularly optimistic, with some predicting a price of $0.7 by November 2024. This ambitious target represents a staggering 1,921% increase from the current price. While the potential for growth is undeniable, it’s crucial to approach such predictions with caution.

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Martinez acknowledges the bullish sentiment but warns of a potential short-term correction in June before the anticipated upward rally. He emphasizes the inherent volatility of the cryptocurrency market, reminding investors to conduct thorough research and adopt a risk-management approach before making any investment decisions.

Meanwhile, VeChain’s recent price surge and upcoming announcement have ignited excitement within the cryptocurrency community. While technical analysis suggests a potential breakout and ambitious price targets are circulating, it’s essential to remember the inherent volatility of the market and exercise caution.

Featured image from Adobe Stock, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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