VeChain VET price has lagged the collective rebound in the cryptocurrency complex with a meager 12.5% price rally since the April 17 low. To overcome trend line resistance support and march to the all-time high, VET price may need a catalyst.
In a lengthy analysis, VeChain concluded that enterprises would be fundamental to the mass adoption of NFT. The optimum way is to work with them to co-develop a vibrant eNFT Ecosystem on the VeChain VET Thor blockchain.
Individuals creating NFTs do it for fun or as a moment to remember, but it is projected that enterprises will have a more precise purpose when developing NFTs and designing. Enterprises will be compelled to build and improve facilities to improve the experience for users. As a result, it would ensure the quality of NFTs.
Enterprises, unlike individuals, are committed to making sure that the owner with an NFT issued as the whole or part of a product is enforced. They have an embedded interest in ensuring that the product is delivered to customers as stated, or it will damage the company’s reputation, leading to an exodus of clients and a loss of profitability.
Undoubtedly, enterprises will bring new users to the NFTs ecosystem.
Once eNFTs are issued on blockchain technology and become tradable on marketplaces, it would be natural for the eNFT owners and those who pay attention to the eNFTs to join the ecosystem.
VET project believes that VeChainThor public blockchain’s Proof of Authority is the perfect solution for building an enterprise-grade public blockchain. Proof of Authority PoA 2.0 is poised to improve network security and lift the upper bound of the maximum throughput of VeChainThor by allowing nodes to best utilize the network bandwidth for transmitting transactions most of the time. Moreover, it guarantees ample decentralization of the vechain network by demanding that sufficient qualified nodes be participating in its consensus process. It provides an absolute guarantee of public ledger safety.
Since the April 23 bullish hammer pattern on the fourth largest daily price volume in 2021, the VeChain VET price has been drifting higher, holding the upper trend line support of an ascending channel. The upside is contained by the 61.8% retracement level of the April decline at $0.209. Now VET price has stumbled into the declining trendline from the April high, putting VET bullish speculators in a more challenging technical position.
The primary objective for VeChain VET price is to overtake the all-time high at $0.282, but it will not materialize if the volume remains below average. A final breakthrough level would release VET price to experiment with the 361.8% extension of the August-November correction in 2020 at price of $0.309, representing close to a 50%
For the mildly bullish outlook to be invalidated, VeChain VET price would have to undercut the April 23 low of $0.128, which currently appears unlikely.
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