The cryptocurrency market is recovering from the recent slump as Bitcoin (BTC) jumped 3.30% in the past day to trade above $59K at press time.
While enthusiasts anticipate an altcoin season, VeChain’s (VET) technical indicators display lucrative signals.
Analyst Niklas Theisen revealed that VET breached a massive declining wedge setup on its daily timeframe.
The breakout from this reversal pattern suggests impending significant price surges.
The analyst remains confident that VET is in a ‘buy territory’ and will outshine other cryptos in the upcoming altcoin season.
Also, Egrag Crypto shared his bullish outlook about the crypto on X, stating that “VET will unlock ur financial chains.”
Known for using wave analysis, Egrag stated that VeChain is about to join wave 3 – an explosive phase – as it nears the end of wave 2.
The wave will likely propel VET prices to record highs, potentially hitting the $1.5 – $1.8 region.
The chart reveals vital resistance and support barriers to maintain the bullish stance.
VeChain remains well above crucial support of $0.03, a region essential for retaining the optimistic structure before VET jumps towards the mentioned price targets.
Strategic alliances boost VeChain’s appeal
VeChain has cemented its presence in the blockchain with significant collaborations.
For instance, it inked a deal with GresiniRacinf some months ago to promote data transparency within the racing industry.
The partnership leverages VeChain’s high-end blockchain technology to improve data transparency and management in the racing world.
Participants can enjoy enhanced performance analytics and instant data tracking.
Besides underscoring VeChain’s versatile use cases, the alliance boosts the crypto’s visibility within the entertainment and sports industries.
In May, Supply@Me joined forces with VeChain to enhance financial technology for manufacturing and trading companies.
Moreover, VeChain collaborated with an NFT firm, Explusnft, to create advanced non-fungible token solutions.
AXplusnft will combine its creative expertise with VeChain’s massive blockchain to ensure secure, efficient, and transparent transactions.
VET’s current price outlook
The altcoin displayed bullishness in its 24-hour timeframe, trading at $0.02557 during this publication.
VeChain hit a daily low and high of $0.02513 and $0.02599, respectively.
VET’s current rebound comes as the overall crypto market regains momentum after the latest slide.
Meanwhile, alliances with leading entities such as Supply@Me and GresiniRacing continue to cement VeChain’s position in the RWA industry.
With experts bullish on real-world asset tokenization, VET is set for amplified mainstream acceptance and adoption.
That will likely trigger significant growth for the project and VET prices
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