VeChain Price: VET on Cusp of a Major Rally as Developers Pitch eNFTs

Summary:

In this VeChain price prediction, we explain why the VET price maybe about to bounce back as developers pitch the role of eNFTs

The VeChain price is up for the past four consecutive days as the market continues to reflect on the year-to-date performance of the digital currency. VET is trading at $0.2172, which is 54% above the lowest level on April 23. Its market cap has surged to more than $14 billion and its ranking held steady at $14 billion.

VeChain news: The VeChain price has gained recently after the developers talked about the Enterprise Non-Fungible Token (eNFT) strategy. In the paper, they made the case that NFTs could also be used to unlock “unprecedented and sustainable value for businesses.” They also identified the key building blocks for this eNFT to work.

First, it needs to have a valuable asset that is linked to the NFT. This will ensure that the overall value used is bigger than the cost incurred. Second, the ownership represented by an NFT needs to be enforceable, and finally, NFT trading will need to be enforceable. They noted that the VeChainThor blockchain network will be the best choice to enforce eNFTs because of the strong proof-of-authority consensus, cheaper transactions, and fee delegation. They wrote:

“As we continue to discuss with enterprises about their specific requirements and use cases, we will be looking at enhancing the current NFT standards to make them fit the needs of enterprises. The new standards will be published as VIPs(VeChain Improvement Proposals) and implemented as open-source software for developers.”

VeChain price prediction

The four-hour chart shows that the VET price has been in a bullish trend lately. It also looks like the price has formed an ascending triangle pattern, which is usually a bullish signal. The pair is being supported by the 25-day and 15-day moving average while the Relative Strength Index (RSI) has continued to rise. Therefore, in my view, the pair will likely break out as bulls target the next key resistance at $0.25. This prediction will be invalidated if the price moves below $0.20.