VeChain (VET) Defies Crypto Market Dip, Eyes Potential Breakout

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VeChain's VeBetterDAO Gains Momentum with Voting Rewards
  • VeBetterDAO’s first round of voting rewards saw 160,000 B3TR tokens distributed to 411 stakers.
  • VeChain’s VET shows resilience amid BTC fluctuations, with the potential for a significant price surge.
  • Technical analysis indicates a potential breakout, which could see VET doubling its value soon.

VeChain is gaining momentum in Japan, according to Sunny Lu, CEO of VeChain. His recent post highlights the increasing interest in the decentralized autonomous organization (DAO) VeBetterDAO, emphasizing its growing presence and community engagement within the region. This development underscores the broader traction VeChain is experiencing amid a fluctuating crypto market.

In addition to the growing popularity of VeBetterDAO, top crypto analyst EGRAG CRYPTO highlighted that VET, VeChain’s native token, has remained resilient in the broader crypto market. Despite ongoing fluctuations in the price of Bitcoin (BTC), VeChain has managed to hold its ground.

Market analysts suggest that VET is currently in a corrective wave, with predictions of an upward trend. This potential “blow-off top” could propel VET’s price to between $1.50 and $1.80.

Additionally, VeDelegate has successfully distributed the first round of voting rewards for VeBetterDAO, as noted by Collin Brown in his X post. A total of 160,000 B3TR tokens were awarded to 411 stakers who pooled 63,500 B3TR tokens. This distribution has resulted in participants nearly tripling their tokens on average this week, highlighting the initiative’s positive impact on the community.

Moreover, technical analysis indicates that VeChain has formed a descending channel on its daily chart. This formation has broken the trendline on a lower timeframe, signaling a potential breakout. If VET successfully breaks out of this channel, it could potentially double in value in the coming days, testing the trendline area around $0.0300.

As of press time, VeChain is trading at $0.02504, with a 24-hour trading volume of $68,943,717. This represents an 8.33% increase in price over the last 24 hours, although it has experienced a 6.30% decline over the past week.

These developments come as the broader crypto market navigates various challenges. The positive momentum surrounding VeChain, particularly with initiatives like VeBetterDAO, showcases the project’s robust community engagement and potential for future growth.

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