Crashing VeChain Can Get Back to the 10-Cent Level in Q2

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VeChain (VET-USD) is touted as a “versatile Layer one” blockchain built to serve the real economy. Applications of VeChain could include Web 3.0, sustainability/carbon management and non-fungible tokens (NFTs). It’s an exciting digital token to consider investing in, but the VET-USD price has dropped sharply in recent weeks.

At the end of March, VeChain made a serious run for 10 cents, just as it had done in early January. Unfortunately, the 10-cent level has proven to be a stubborn resistance level.

Just recently, VET-USD pulled back to around 6 cents. The buyers really need to step in here. Otherwise, VeChain could pull back to the 4-cent support level established in February.

To put it as simply as possible, VeChain supports VeChainThor, a public blockchain intended to inspire businesses to adopt blockchain technology. Furthermore, Coinmarketcap points out that VeChain is “one of the oldest dedicated smart contract platforms on the market.”

More than anything else, however, VeChain’s most important feature might be its robust community of developers. The project’s white paper explains, “As an open-source project, VeChain has a lively community that has proposed many features such as fee delegations, user identification.”

In a recent effort to drum up interest in this burgeoning community, VeChain promoted its Hackathon. With this, participants were invited to help “build tools that enhance community #dApp building & the #Developer environment.”

It’s a great way to promote the project while incentivizing innovation among the developers in the community. Among the incentives is cold, hard cash, as participants could win “cash prizes, up to $25,000” in VET-USD.

The posting of this announcement already has over 110 retweets and plenty of positive response postings. Could the #VeChainHackathon become a trending hashtag in 2022’s second quarter?

It’s certain possible as VeChain’s awareness campaign is highly ambitious. Granted, VET-USD has some catching up to do, in order to revisit the 10-cent level. Still, the project’s grassroots-level momentum could propel the project, and its associated token, to new heights very soon.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content -and crossed the occasional line -on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.