VeChain (VET) Price Jumps 25%, Breakout Above This Level Can Lead to 13x Rally

Amid the broader crypto market rally, altcoins have been having a really great time with VeChain recently joining the party. The Vechain (VET) price has rallied by a staggering 25% in the last 24 hours reaching closer to $0.050 with trading volumes shooting by 600% close to $900 million. With today’s price surge, VeChain (VET) has extended its weekly gains to more than 60%.

VeChain (VET) Price Gearing For A 13x Rally

The VeChain (VET) price trend exhibits a significant surge in the daily chart with six consecutive bullish engulfing candles. Additionally, a bullish reversal is observed, marked by a rounding bottom breakout with a neckline at $0.040, reinforcing the uptrend. With the VeChain token price briefly reaching $0.050 due to increased demand, traders on the sidelines anticipate a breakout.

Courtesy: Coinpedia

Popular crypto analyst Ali Martinez has forecasted significant potential for VeChain in the coming weeks! According to Martinez, historical patterns indicate a promising outlook for VeChain’s price performance in the near future. Martinez anticipates a substantial move for $VET, with the possibility of reaching $0.054 within the current week.

Following this, a brief correction phase is projected until June, setting the stage for a robust bull run that could propel VeChain’s value to $0.70 by November. This means that the analyst is predicting a 13x price rally for VET from the current levels.

Courtesy: Ali Charts

Key Developments in Ecosystem

VeChain’s implementation of Account Abstraction (AA) marks a significant milestone, offering enhanced interoperability and introducing programmable smart contract wallets. This advancement not only streamlines blockchain interactions but also elevates user experience and security standards.

Account Abstraction (AA) is now live, opening up a whole new world for #VeChain.

Not only does AA make interoperability seamless, but it also unlocks programmable smart contract wallets for a better user experience and improved security.

Here’s what it means for $VET pic.twitter.com/SecJ6OwnGu

— vechain (@vechainofficial) February 14, 2024

Account abstraction revolutionizes the concept of blockchain accounts by enabling programmability through smart contract wallets. Departing from traditional externally owned accounts (EOAs), which necessitate manual management through public-private key pairs, AA introduces a more flexible and secure approach.

Smart contract wallets facilitated by AA simplify blockchain interactions, enhancing user experience and reducing vulnerabilities inherent in EOAs. Security features like a multisig authorization, account recovery methods, and transaction whitelists further bolster the integrity of the system.

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