VeChain (VET) Skyrockets, Will The Price Per Token Reach $0,10?

The altcoins are performing exceptionally well in this rally, with nearly triple-digit returns, amidst the general market recovery. With a 26% overnight jump, the VET price secures a spot on the roster of top performers.

The native token is anticipated to increase in value over the next few weeks due to the continuous bull run and VeChain's improving state of recovery. And now that the market has recovered, investors wonder, "Will VET Price Reach $0.10?"

Six bullish engulfing candles in a row show a significant spike in the daily chart of the VET price trend. A longer ride for bulls is hinted at by the intraday trading volume spike of 544% and the current uptrend continuation.

Additionally, the uptrend is strengthened by the bullish reversal, which results in a rounding bottom breakout with a neckline at $0.040. While the VeChain token price briefly rises to $0.050 due to increased demand, sideline traders anticipate a breakout.

The price of VET is currently trading at $0.048 with an intraday growth of 7.09%, supporting the bullish continuation of the previous night's surge. The likelihood of VeChain surpassing the 10-cent threshold is significantly increasing in the context of these improving sentiments and trend reversal sirens sounding.

Source: CoinMarketCap

The notable 90% increase in value over the past three weeks indicates a significant increase in interest in VeChain. In addition, the current recovery is aiming for a significant breakthrough after May 2022 and is approaching the psychological threshold of $0.050.

The noteworthy increase in both the price and volume of VET can be ascribed to the continuous progress and general optimistic outlook prevalent in the cryptocurrency industry. Notably, during this period of continued optimism, Bitcoin also hit $52,000 for the first time in 776 days.

Furthermore, a well-known trader and analyst wrote on X (formerly Twitter) on February 14, 2024, saying, "It feels like it will be a big week for VeChain! VET may see a move to $0.054 this week, a brief correction until June, and a bull run to $0.70 by November if history is any indication."

The main cause of this outstanding performance is the recent milestone that VeChain reached with the deployment of Account Abstraction (AA) on its network.

Account abstraction, which eschews manual operations and key pair management, offers a more flexible and automated approach than traditional externally owned accounts (EOAs). VeChain is progressing well with this innovation, which creates new opportunities for its blockchain ecosystem.