VeChain (VET) Skyrockets 45%: What’s Driving It?

VeChain (VET) has been on a tear lately, surging over 45% in the last 24 hours.

VeChain, a Layer-1 blockchain that allows developers to create real-world/enterprise dApps, seems to be profiting from the overall bullish sentiment in the cryptocurrency market.

With Bitcoin nearing $100,000, profits continue redistributing to altcoins, which are presently soaring.

VeChain has shot up in price, too: it is now trading for over $0.043 after a 45% jump in price today.

Aside from the current positive sentiment in the market, ongoing developments, including updates to its blockchain technology, enhanced security features, and expanding use cases appear to have boosted VET's recent price increase.

According to information obtained from the VeChain official X handle, VeChain is expecting updates including a new VET road map, ambassador scheme, changes to protocol — tokenomics, a new stablecoin with USDC bridge, VeUSD swap for GloUSD, an incoming marketing agency, among many others.

VeChain continues to capitalize on its growing adoption and partnerships; most recently, it announced its membership in the European Blockchain Association, indicating a drive to boost adoption in Europe.

VET price action

VeChain has climbed over the last three days, with today's increase being the highest, as the VET price rose from $0.035 to $0.047.

VET price began to rise from a low of $0.03 on Nov. 21; in general, VET has been steadily increasing since Nov. 5, rising from a low of $0.02.

The surge broke through the daily moving averages of 50 and 200 at $0.023 and $0.026, respectively, which had limited VET's price since April. Today's rise culminated in highs of $0.047, last reached in April of this year.

Going forward, VET's next resistance range is between $0.52 and $0.54. In the event of a price decrease, significant support is expected at the daily moving averages of 50 and 200.

At the time of writing, VET was up 36% in the last 24 hours to $0.04373 and up 53% weekly.