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Highlights
- VeChain Price Gains 60% over the past week setting the stage for a strong bull run.
- Analysts expect the VeChain price to touch $0.70 by November this year.
- VeChain introduces account abstraction with programmable smart contracts.
During the recent upswing in the cryptocurrency market, altcoins, including VeChain, have experienced significant gains. The VeChain (VET) price has surged by an impressive 25% over the past 24 hours, nearing the $0.050 mark, accompanied by a remarkable 600% increase in trading volumes, totaling close to $900 million. This surge in price has propelled VeChain (VET) to extend its weekly gains to over 60%.
VeChain (VET) Price Gearing For A 13x Rally
The VeChain (VET) price trend exhibits a significant surge in the daily chart with six consecutive bullish engulfing candles. Additionally, a bullish reversal is observed, marked by a rounding bottom breakout with a neckline at $0.040, reinforcing the uptrend. With the VeChain token price briefly reaching $0.050 due to increased demand, traders on the sidelines anticipate a breakout.
Popular crypto analyst Ali Martinez has forecasted significant potential for VeChain in the coming weeks! According to Martinez, historical patterns indicate a promising outlook for VeChain’s price performance in the near future. Martinez anticipates a substantial move for $VET, with the possibility of reaching $0.054 within the current week.
Following this, a brief correction phase is projected until June, setting the stage for a robust bull run that could propel VeChain’s value to $0.70 by November. This means that the analyst is predicting a 13x price rally for VET from the current levels.
Key Developments in Ecosystem
VeChain’s implementation of Account Abstraction (AA) marks a significant milestone, offering enhanced interoperability and introducing programmable smart contract wallets. This advancement not only streamlines blockchain interactions but also elevates user experience and security standards.
Account Abstraction (AA) is now live, opening up a whole new world for #VeChain.
Not only does AA make interoperability seamless, but it also unlocks programmable smart contract wallets for a better user experience and improved security.
Here’s what it means for $VET 🧵👇🏼 pic.twitter.com/SecJ6OwnGu
— vechain (@vechainofficial) February 14, 2024
Account abstraction revolutionizes the concept of blockchain accounts by enabling programmability through smart contract wallets. Departing from traditional externally owned accounts (EOAs), which necessitate manual management through public-private key pairs, AA introduces a more flexible and secure approach.
Smart contract wallets facilitated by AA simplify blockchain interactions, enhancing user experience and reducing vulnerabilities inherent in EOAs. Security features like a multisig authorization, account recovery methods, and transaction whitelists further bolster the integrity of the system.
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