Can VeChain’s VeBetterDAO End VET Price Crash?

The cryptocurrency market is struggling to grasp stability after Ethereum ETFs launched amid immense liquidity. VET price like majors Bitcoin, ETH, and Solana faces multiple trend-determining factors including supply, demand, and a potential trend reversal.

On the other hand, traders seem unsettled while scheming for potential entries, considering VeChain price correction from its Q1 peak of $0.055. A modest 0.06% increase in the futures market open interest may not be enough to turn the tables around for VET.
However, considering the ongoing developments in the ecosystem, VET might finally find a major price catalyst.

A Look Into VeChain’s VeBetterDAO Protocol

VeChain’s development team launched the groundbreaking VeBetterDAO; a decentralized app marketplace designed to support sustainable assets through tokenization.

The products target NGOs, enterprises, and individuals who wish to tokenize their sustainable actions. VeBetterDAO functions on a DAO principle implying that governance is in the hands of the community which holds 100% of the power.

However, VeBetterDAO is much bigger than tokenization and governance, especially with the protocol’s newly launched developer-centered features such as adding new apps, and a testnet environment.

The developer experience at VeBetterDAO just got a huge upgrade with the addition of a new ‘Developer Guides’ section to the platform’s docs!

>🔗 https://t.co/p5GlDcsFKG

New features and resources include:

– How to add apps to VeBetterDAOhttps://t.co/sEALYS2ceC

– Integration… pic.twitter.com/R9leZ0oRND

— VeChain (@vechainofficial) July 23, 2024

The reward system allows users interacting with applications on VeBetterDAO to earn B3TR tokens. Using sustainable apps, voting on governance proposals, and contributing to community discussions will see users increase their B3TR earnings.

Mixed Signals As VET Price Slides

A long-term descending channel reinforces VET’s downtrend. Attempts to break above this confinement have frequently resulted in a lower high and lower low pattern.

VET’s position below the three key Exponential Moving Averages (EMA)—the 20-day, 50-day, and 200-day shows the correction may continue.

A sell signal validated by the Moving Average Convergence Divergence (MACD) appends the deteriorating technical structure.

Traders can anticipate VET to face rejection at any of the moving averages as shown on the daily chart and the channel’s upper boundary.

Should VET slide further down to $0.025, traders may consider taking a swipe at lower-priced entries in the process creating liquidity for a sustainable trend reversal.

Based on the technical outlook, it might pay in the long run to wait for a second confirmation of the uptrend with VET price rising from the channel. Following such a breakout, VET would have a stronger tailwind to push for new milestones including its Q1 peak.