VeChain Eyes Breakout: Can VET Ride the Bullish Wave to Its All-Time High?

• VeChain (VET) shows bullish technical indicators, hinting at a potential breakout.
• A double bottom and bullish divergence suggest a market reversal is likely.
• Expanding ecosystem and strong governance position VET for possible new all-time highs.

VeChain (VET) is showing signs of a potential breakout that could push it toward its all-time high. After a 10% gain last week, VET is drawing attention as a possible strong performer in the ongoing crypto bullish rebound. 

Several technical indicators support the idea that VET might be on the verge of a significant upward move.

VET’s Bullish Technical Indicators

On the weekly chart, VeChain’s price has formed a double bottom pattern. This is accompanied by a bullish divergence on the Relative Strength Index, with key support around $0.022. 

These patterns suggest a possible market reversal after months of bearish trends. Additionally, the daily chart shows a head and shoulders pattern, further hinting at an upcoming bullish move. 

The approaching altseason, driven by Bitcoin’s market dominance, could provide the momentum needed for VET to reclaim its previous highs. Over the last six months, VET has also been forming a bullish flag, which typically precedes a major price rally.

Expanding VeChain Ecosystem and Strong Governance

VeChain’s ecosystem is also expanding rapidly. With over 4.1 million known addresses and more than 28,000 contracts on the VeChainThor blockchain, the network is solidifying its place in the global supply chain industry. 

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Major partnerships with companies like Walmart China and BMW underscore its growing influence. Community governance plays a crucial role in VeChain’s future. 

The recent launch of the VeBetterDAO by CEO Sunny Lu highlights the network’s commitment to decentralized decision-making. The community showed strong support for Lu’s proposal to temporarily remove quadratic funding until a solution to the Sybil attack is found.

VeChain’s current technical setup and expanding ecosystem suggest that VET is well-positioned for a breakout. With the anticipated altseason on the horizon, VET might revisit its all-time high and enter new price discovery phases.