• VeChain Foundation announced a $1 million grant program for an eNFT ecosystem.
  • This grant aims to leverage NFT in a large-scale setup, helping enterprises combat issues like tracking and counterfeiting.
  • VET price looks bullish as it approaches a wide area of demand that could help provide stable ground for the next leg up.

VeChain Foundation unveiled a massive grant program to further its real-world adoption and impact. VET price has recently tapped a demand zone and looks ready for blast-off.

eNFT, game-changer in blockchain mass adoption

VeChain Foundation announced on April 28 their allocation of $1 million to developers and projects that can bring value to the enterprise NFT (eNFT) ecosystem and its derivatives.

With DeFi and NFT sectors booming, VeChain believes that this grant will help further the adoption of its native token VET and its recent introduction of the VeThor (VTHO) token.

The blog details,

To build such an ecosystem, we need as many applications and projects as we can get, including NFT marketplaces, token bridges, DeFi applications, open source tools and more. The compounding effect of more tools will exponentially increase the development progress of the eNFT ecosystem.

Additionally, the grant program does not restrict the developers to NFT but allows them to expand to other aspects like DeFi applications, token bridges and cross-chain tools.

VET price primed for higher high

VeChain price has broken the short-term market structure by setting up a higher high on April 27. Since then, VET has retraced nearly 16% to a 4-hour demand zone that extends from $0.190 to $0.198.

Over the past 24 hours, the buyers in the area have prevented VeChain price from sliding lower, indicating a buyer interest. Hence, a bounce from this barrier to the swing top at $0.251 is the path that the bulls might take.

However, the recent swing high at $0.224 might dampen the buying pressure. Thus, it is crucial to breach past the higher high to retest $0.251.

VET/USDT 4-hour chart

VET/USDT 4-hour chart

While the 4-hour demand zone seems like a viable barrier to bounce from, a potential spike in selling pressure could easily overthrow it. A breakdown of the $0.186 level will invalidate the bullish thesis and kick-start a sell-off toward the 2-hour support area stretching from $0.154 to $0.175.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano eyes 13% drop before heading to swing highs

Cardano price shows a slowdown around a crucial supply barrier that ranges from $1.33 to $1.26. A 13% retracement to $1.14 would allow the buyers to purchase ADA at a discount for the next leg up. If buyers produce a sustained yet decisive close above $1.35, an upswing to $1.48 could ensue.

More Cardano news

Chainlink adoption continues, while LINK price eyes pullback

Chainlink adoption is on a constant uptick, and the recent addition includes the integration of its oracle solutions in the Binance Smart Chain ecosystem. On the other hand, LINK price shows lackluster performance in the short-term eyeing a minor pullback.

More Chainlink News

BaFin: Binance tokenized stocks could violate securities laws

The German Financial Supervisory Authority, known as BaFin, is currently investigating whether crypto exchange Binance violates securities laws with its tokenized share offerings.

More Cryptocurrencies News

Elrond wants to head higher, but bulls lack conviction

Elrond price shows a lack of momentum that has caused it to move sideways. A minor retracement is plausible before EGLD breaks the market structure and turns bullish.

More Elrond News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Fear seeps in as crypto market crashes for second time

Bitcoin price rally seems to be facing massive headwinds that have resulted in two egregious drops in under five days. Market participants are panic selling their holdings, sending the market into a tailspin. 

Read the weekly forecast

BTC

ETH

XRP