Belgium (CoinChapter.com) — Even though there is plenty of carnage across all cryptocurrency markets, expectations remain bullish in most cases. VeChain, for example, is on a bullish run despite today’s bearish momentum affecting all markets. Expectations of a new VeChain price all-time high loom overhead, but is that target realistic?
Recent VeChain Price Momentum Is Promising
When it comes to alternative cryptocurrencies or altcoins, it is pertinent to look at the bigger picture. Surprising bullish or bearish price action usually occurs for a good reason. As VeChain has noted strong price momentum over the past few weeks, it warrants a closer look. Unlike most other ecosystems, that blockchain is of great interest to companies exploring real-world use cases.
Whether that explains, the recent VeChain price momentum is difficult to determine. Like all other currencies, VET has benefited from the bullish surge affecting all markets. Such an uptrend is very interesting, considering the price trend looked relatively flat until early April 2021. Ever since then, the price has more than tripled before, noting a strong setback today.
What Traders And Speculators Expect
If Twitter is to be believed, there is more VeChain price action to look forward to. Kamahl Best expects the price to hit $0.28 again, putting VET within striking distance of the previous all-time high of $0.2809. A bullish outlook, although it seems the continuation structure may have fallen apart a bit after today’s price dip.
RookietraderAr takes the prediction one step further by offering an even loftier price target. This trader sees no reason why the VeChain price can’t hit $0.39 in the coming weeks. To achieve that goal, the current VET value needs to double and then some. Nothing is impossible in this industry, but such a steep price trend seems rather unlikely, even under the best of circumstances.
As Tradingview reports the VET market sentiment as “Neutral”, anything can happen. The weekly performance of -18% does not bode well for a quick rebound, although speculators may think otherwise. Before VeChain can bounce back, the other markets will need to pave the way. That process may take a bit longer than most people are comfortable with.
What Is Driving VeChain Price Excitement?
The recent VeChain price action has to originate from somewhere. Several developments are taking place behind the scenes that can explain why the value of VET is going up.
Similar to some other blockchains, VeChain wants to build an ecosystem capable of supporting NFTs and DeFi. More specifically, VeChain’s blockchain will facilitate enterprise NFT, or eNFTs. Enterprise can attach these eNFTs via the first-party Internet of Things hardware to products sold globally. Rather than serve as a collectible, the eNFTs will provide traceability, anti-counterfeiting, and other features.
A second bit of major news is how Portsmouth International Port wants to use the “My Care” solution. More specifically, it is the first port to embrace the VeChain-based My Care standard for health protocols. As VeChain’s blockchain is responsible for transporting data to validate and verify information through My Care, this new development is rather interesting. A nod of approval for the underpinning blockchain, although not necessarily something that will influence the VET price.
Closing Thoughts
As is often the case in this industry, the price momentum may not make too much sense. Although there is a reason for optimism regarding VeChain’s blockchain and technology, that doesn’t necessarily warrant a VET price change. Even with traders and speculators hinting at new all-time highs for the VeChan price, caution remains essential.
Before any price recovery can occur, there needs to be a strong bullish signal from the leading crypto markets. It is unlikely that VeChain will break this negative spiral under its own power. The coming days and hours will prove essential for all markets, although the outcome remains uncertain.
