Vechain is one of the best cryptocurrencies today, going up by 27% to trade at $0.047 as of 10:31 GMT+3. Volumes are rising, too, up by 587% to hit a high of $918.268 million.
Vechain Launches New Platform
This follows the announcement of a significant upgrade to help drive even more adoption of Vechain. The new development is an account abstraction platform whose goal is to make Vechain more practical to everyday users and make the platform more secure.
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Through the new platform, investors are excited that Vechain has finally bridged a key gap in crypto today, connecting Web 2.0 to Web 3.0. By leveraging blockchain technology, Vechain aims to grow its user base, which could impact its price in the future.
That’s because, unlike Vechain’s traditional platform, the new one is a fundamental shift. Rather than relying on external accounts, Vechain’s new system will now be based on programmability and the ability to adapt to changes in the market. For instance, users can use crypto wallets to sign into their accounts, which will significantly enhance the use of blockchain technology in developing future applications.
Vechain Event Coming Up Soon
Investors are also excited about what could come from the upcoming Vechain event slated for the month’s end in Amsterdam, Netherlands. The event dubbed, The Launch, will bring together the Vechain community of investors and developers building on the Vechain ecosystem. This is a big deal as investors anticipate big announcements out of it that could add to the momentum that Vechain is building.
The announcement of an abstraction layer coupled with the upcoming Vechain event in Amsterdam is the key driver of the Vechain rally, which has seen it outperform most top cryptos today.
Vechain Trading In A Bullish Channel With High Lows, Signal To More Upside
Vechain’s price signals to continue the bullish momentum as it makes higher lows.
Vechain has bounced off its latest correction in the last few hours at $0.04665, with high volumes. This is an indicator that bullish momentum is on the rise. If bulls push Vechain through the intra-day high of $0.0503, then Vechain could make new highs in the day, possibly breaking $0.07.
However, two scenarios could play out if bulls lose momentum below $0.053. The first one would be a consolidation between $0.046 and $0.048. Depending on broader market momentum, a breakout could follow this in whatever direction.
On the other hand, if bears take control of Vechain, the key level to watch would be $0.04665. This is a key support level in the day, and if it is broken, Vechain could hit $0.034, which is a significant support level.
Why Bulls Hold The Most Leverage – $0.07 A Key Target In The Day
While the above scenarios could play out in the day, bulls could hold the most leverage in the coming hours and days. That’s because, from a look at the technicals, Vechain has already bounced off a key support level. That’s confirmation that investors are aggressively buying the dips, which could see the price gain momentum, especially now that Vechain is trending for its price rally.
There is also the fact that investors now have complete confidence in the market. Bitcoin, the most significant crypto market indicator, recently broke through the $50k resistance, trading above it with high volumes. This means investors will continue piling money into altcoins in anticipation of a massive jump in price.
This places Vechain at an advantage because, besides being one of the best-performing altcoins at the moment, Vechain is safer than most cryptos. Unlike meme coins that are mostly a gamble, Vechain has been around for years and has a solid use case backing it up. This confidence boost places it at the forefront to continue attracting more buyers as the crypto bull run gains momentum.
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