VeChain ($VET), a cryptocurrency that has witnessed a price spike of more than 74% over the previous year, may likely see a big surge of over 3,000% by year-end, according to a well-known cryptocurrency analyst. Martinez’s over 45,000 followers received a message from the analyst on the microblogging network X, formerly known as Twitter.
The article outlined how, if “history repeats itself,” VET may see a bull run to $0.7 per token by November. However, the price needs to climb over $0.054 this week to validate the pattern. Martinez’s analysis reveals that a 595-day trading range preceded and succeeded VeChain’s historic price surge in 2020.
After moving in a range for over 644 days, VET has now broken through a resistance level. As of this writing, it is trading at $0.048, up more than 60% over the previous 30 days.
Lately, VeChain has seen a significant increase in price momentum. VET’s price has increased dramatically, it has gone up 50% in the past week. The main factors driving the rise in cryptocurrency are the growing consumer interest and the recent wave of corporate partnerships.
According to a recent development, VeChain’s enormous popularity and price increase have led US exchange Uphold to consider partnering with the network.
VeChain Partnership Speculation Arises from Uphold’s Head of Research
Head of research at Uphold Martin Hiesboeck talked about a potential VeChain deployment on cards on Twitter. Hiesboeck claims that Uphold has been recording an increase in VET trading activity, which has sparked interest in the token.
VeChain has been “spiking” lately on Uphold, according to Hiesboeck, who highlighted this as a sign of more user engagement on the network. The observation of this phenomenon coincides with VET’s exponentially strong pricing performance. The cryptocurrency has continued to rise, increasing by about 50% from $0.02977 to $0.05085, in that order.
Subsequently, Heisboeck revealed that an arrangement with VET might be imminent.
He continued by highlighting VeChain’s incredible development and the variety of its recent use cases.
VeChain, dubbed a layer 1 blockchain, aims to streamline business administration and supply chain procedures. This involves using distributed ledger technologies to create a steady data flow.
The two tokens that stand out on VeChain are the VET and VTHOR. The second token serves as “gas” to run the platform, whereas the first token is utilized to execute transactions. VET has the potential to be extremely important in “carbon, supply chain, international logistics, incentivized ecosystems, and automobile passports,” according to CoinMarketCap.