- VET has broken out of a falling channel with eight consecutive bullish candles.
- The altcoin is currently retesting previous resistance levels as support.
- Notable upgrades to the VeBetterDAO and a rewards program might push VET higher.
VET, the native token of VeChain, an enterprise-grade L1 smart contract platform launched in 2015, is expanding its decentralized application offerings through its new platform, VeBetterDAO. The decentralized autonomous organization (DAO) boasts new features designed to onboard the next billion users to the Web3 space.
According to a technical analysis of VET’s price action posted on X (formerly Twitter) by “Crypto Yapper,” the altcoin broke out of a falling channel in mid-July with eight consecutive green daily candles, demonstrating impressive performance. As per the analysis, a pullback can be seen because VET is currently retesting the previous resistance as support.
It is important to note that the community plays a major role in the governance of VeBetterDAO, which targets NGOs, enterprises, and individuals interested in entering the tokenization industry. However, the protocol’s scope has expanded beyond governance and tokenization with the introduction of new features, including additional apps and a testnet environment. These developer-friendly additions could potentially drive the price of VET higher in the near future.
Additionally, a reward system has been implemented, allowing VeBetterDAO users to earn B3TR tokens by participating in governance actions, community proposals, and voting. This reward system is expected to attract more users to the VeChain ecosystem.
According to the data from CoinMarketCap, VET is currently trading at a price of $0.02735, with a 5.90% drop in the past 24 hours. Moreover, the trading volume of the altcoin surged 26.99% and stands at $24.8 million with a market capitalization of $2.2 billion, making it the 45th largest digital asset by market cap.
The Relative Strength Index (RSI) in the chart above reads a value of 45.11 which confirms that the sellers are currently in control of the VET price action. However, the gradient of the line suggests a slight change, which means that a bullish move is possible in the near future. However, the volumes need to be higher for such an upward move.
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