Layer 1 smart contract platform VeChain (VET) has faced a price drop of approximately 7% to ~$0.022 despite a series of positive announcements.
Overview of VeChain News
VeChain has secured the MiCAR license, enabling operations across 27 European countries. Additionally, the project has brought UFC President Dana White on board as an advisor to increase mainstream visibility.
Price Analysis and Forecasts
Analyzing VET's price dynamics, analyst Carter suggests potential price targets up to $0.0570, contingent on a bullish falling wedge breakout confirming. However, current technical indicators for VET remain weak, with an RSI near 41, close to the lower Bollinger Band, casting doubt on the analyst's bullish thesis.
Partnerships and Developments
VeChain has partnered with Stella Pay to launch a new VeBetterDAO Visa card that allows users to spend B3TR, VET, and VTHO tokens directly using the global Visa network. A bonus of 200 B3TR tokens is offered to early card users.
Despite recent positive achievements and projected potential gains, the current price decline of VeChain emphasizes the need for continued monitoring of technical indicators and market conditions.
