Altcoin
VeChain helps VET make a comeback; are the bulls here to stay?
VeChain had a number of announcements that led to a bullish surge in the price of VET. But the question remains: Is this bullish surge here for the long haul?
- VeChain is pioneering opportunities in smart cities and focuses on environmental sustainability.
- VET registers a sharp uptick after finding favor with the bulls.
Mass adoption and innovation at global frontiers are among the top goals of possibly every blockchain network. The VeChain blockchain’s latest announcement highlighted an interesting approach to achieving those goals.
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As of 12 September, VeChain is the first blockchain to venture into smart city systems. As the world continues to digitize and seek efficiency, cities will eventually play catch up by deploying smart systems. Blockchain technology presents a unique opportunity to deploy smart city systems in a safe and efficient way.
VeChain’s endeavor into smart cities will allow it to play a central role in systems used by millions. The blockchain’s systems can be integrated into critical components of city living which include water and waste management among others. The city smart management industry is reportedly worth $2 trillion. VeChain is already securing an early lead in this budding industry.
VeChain has already partnered with a number of cities, including Gui’an, China and San Francisco, USA. These partnerships are helping to accelerate the development of smart cities around the world.#VeChain
#SmartCities #Blockchain #IoT #AI— Cheeky Crypto (@CheekyCrypto) September 12, 2023
Meanwhile, VeChain and e-commerce giant Amazon partnered to monitor and highlight eco-friendly products. These recent developments underscore VeChain’s efforts to align with trends and current global agendas. The announcements triggered a bullish reaction among VET holders.
Bulls launch strong assault but will they prevail?
VET exchanged hands at $0.016 after rallying by more than 11% in the last 24 hours at press time. This is the largest single-day gain that the altcoin has achieved in the last six months. The rally builds on the liquidity inflow indicated by the Money Flow Index (MFI), even as the bears prevailed.
Source: TradingView
Take note that the announcements might be long-term focused. Nevertheless, the subsequent rally confirmed that VET can secure robust demand in the market. The rally came just two days after VET secured its highest spike in the last two weeks.
Source: Santiment
Meanwhile, VeChain’s metrics revealed that there was significant growth in its development activity in the last four weeks.
Can VET sustain this new-found bullish momentum? Well, the large spike could indicate that the cryptocurrency was experiencing strong demand. This was most likely due to the Amazon partnership as well as its progress and involvement with smart city systems.
Read about VeChain’s price prediction for 2024
The announcements highlighted opportunities for VET to enjoy strong demand. However, the presence of a long-term focus means the effects of the initial demand surge might soon wear out. The bulls could maintain their dominance status if the rest of the market also turns bullish. However, that remains to be seen, although the return of some volatility is noteworthy.
