In recent days, VeChain’s price has experienced a significant recovery, with investors expressing enthusiasm over the news of ecosystem expansion. VET reached a low of $0.020 on Friday but has since surged by more than 27%, reaching a trading value of $0.025 at present.
VeChain’s ecosystem is growing
VeChain, one of the most popular blockchain networks, has continued to grow its ecosystem in the past few weeks.
In May, the developers expanded the partnership with Supply@me, a publicly traded company in the UK. The partnership will see the company use VeChain’s technology to transform the supply chain and finance business for small and medium-sized businesses.
Most recently, VeChain unveiled the VeBetter DAO, an app marketplace for sustainable assets and actions. This platform will help organizations and enterprises tokenize their sustainable marketplaces. The platform, which is built on top of VeChain’s technology, has completed over 335k transactions, while the number of B3TR token holders rose to over 24k.
In June, VeChain launched VORJ, a platform that aims to bridge the gap between the Web 2 and the Web 3. Its goal is to integrate the VeChainThor blockchain into any technology stack without doing any coding.
VeChain has also moved deeper into Real-World Asset (RWA) tokenization by launching VeTonsenberg. VeTonsenberg provides a solution for product tagging using blockchain technology.
VeChain’s deep pockets help with all these activities. In its recent report, VeChain said that it had almost $550 million in its treasury, with most of its assets in Bitcoin, Ethereum, and VeChain. A small portion of these funds is in stablecoins like Tether’s USDT.
Read more: How to buy VeChain.
VeChain price forecast
The price of Vechain (VET) peaked at $0.0055 earlier this year and dropped to a low of $0.020 last Friday. This drop coincided with a sell-off in other cryptocurrencies like Bitcoin and Solana.
Currently, Vechain has stabilized, supported by Bitcoin’s rebound from $53,600 on Friday to $56,000 on Tuesday. Despite the German government’s ongoing portfolio sell-off, Bitcoin’s price rose.
However, the Vechain price is still below the 50-day and 25-day Exponential Moving Averages (EMA) and has retested the key resistance point at $0.025, its lowest on June 23rd. The Relative Strength Index (RSI) has risen from the oversold level of 30 to over 40.
BanklessTimes considers this rebound a dead cat bounce, which occurs when an asset in a freefall briefly bounces back. If Vechain drops below the key support at $0.020, its lowest point on Friday, it would confirm further downside.
