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The VeChain price has surged 32% in the last 24 hours to trade at $0.04826 as of 00:16 a.m. EST on trading volume that climbed 551% to $891 million.
VeChain’s price surge is driven by the community’s excitement over an upcoming major announcement with the network expected to reveal plans to leverage blockchain technology to boost sustainability efforts.
At the event in Barcelona 🇪🇸 , we'll share a major announcement about how we intend to build Better with blockchain technology. $VET
— vechain (@vechainofficial) February 14, 2024
Such a bold move underscores the ability blockchain technology has to drive positive change and incentivize sustainable practices.
The VeChain Price Bulls Sustain The Bullish Stance
VeChain bulls have capitalized on the golden cross at $0.028, seizing control of the market after a period of consolidation and driving the VET price higher with sustained bullish momentum. However, the bulls have experienced resistance at $0.050, allowing a slight retrace to the current price of $0.04826.
The VET price has touched the upper boundary of the bullish pennant, suggesting a potential for further increases. Trading above both the 50-day and 200-day Simple Moving Averages (SMAs) indicates a bullish trend is likely. Additionally, the 50-day SMA crossing above the 200-day SMA to form a golden cross at $0.028 provides further evidence of an impending bull rally.
The Relative Strength Index (RSI) is trading slightly below the 70-overbought zone at 66. If the bullish momentum is sustained, the RSI could cross over to the 70 threshold, signaling an incoming bull rally.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is rebounding to trade slightly above the signal line (orange), indicating that it is time to buy, which could further drive the price up. The green bars are beginning to form on the upside, setting the tone for an incoming bull rally.
The Average Directional Index (ADX) further supports the bullish trend, as it shows a very strong trend at 59.
VeChain Price Prediction
The short-term technical analysis of the current VeChain price reveals a bullish bias. This is supported by the formation of a bullish pennant, with the price trading along the upper boundary of the pennant. This could encourage the bulls to drive the price even higher, covering the same distance X on the chart, with the target being $0.055.
Additionally, VET remains below its all-time high of $0.281, which could suggest a potential for further upward movement.
If the bears take control of the price, it could go down to the support zone around $0.042 or further to $0.0402, coinciding with the 50-day SMA, which could act as a possible footing against downward pressure.
Meanwhile, as the VeChain price rallies, analysts say investors should consider Meme Kombat, a new GameFi presale that some say has the potential to 100x on launch.
Meme Kombat Presale Closes On Its $10 Million Target – Best Crypto To Buy Now?
Meme Kombat (MK) is a new, innovative crypto project that is centered around AI generated meme-based battles and play-to-earn (P2E) features. Well-known memes like Pepe and Doge engage in epic battles, bringing a playful approach and excitement into the crypto space.
⚔️ Meme Kombat Friendly ⚔️
Vote for your winner below👇 pic.twitter.com/R5XVQUb0U8
— Meme Kombat (@Meme_Kombat) February 8, 2024
To participate in these epic battles, purchase $MK tokens to bet on your preferred characters. Choose a character you believe will win, and if they do, you’ll be rewarded.
You can easily join the project by acquiring $MK tokens at a discounted price of $0.279. The price will remain at $0.279 per token until the team hits the hard cap target of $10 million. This makes now the best time to buy, as with $8.94 million raised already time is running out before it sells out.
We're pushing ever closer and closer to our goal of $10 million and we are HYPED to say the least🥳 Just passed $8.8m raised!
Just under 1.2 million to go and we'll see $MK go ballistic🔥 pic.twitter.com/MN0K32BtiA
— Meme Kombat (@Meme_Kombat) February 15, 2024
Join Meme Kombat, Stake, Get Rewards
You have an opportunity to stake MK tokens and earn an impressive annual percentage yield (APY) of 106%. Stakers have already locked over 37 million staked MK tokens, with over 8.4 million rewards paid in $MK tokens.
We have paid out more than 8 million $MK in staking rewards🎉
Meme Kombat is truly the place for you to earn in kombat. Well, you'll be doing the kombat part fairly soon🥊 pic.twitter.com/voYeTeV37N
— Meme Kombat (@Meme_Kombat) February 13, 2024
The team is also planning on launching Meme Kombat NFTs, set to bring utility to MK Season 2 with a unique fusion of art and functionality.
Crypto analyst and YouTuber Jacob Bury believes that MK can explode post-launch with a possible 1000x pump.
To join the presale, visit the official Meme Kombat website, connect your Web 3 wallet, and exchange your ETH, USDT, or BNB for MK tokens.
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