VeChain Analysis – The Emerging of the Bulls and Getting Over 900,000 Holders

After a slow start to the year, VeChain (VET) is finally showing positive momentum. According to the data, this cryptocurrency gained a peak in the number of new wallet addresses from October 23^rd to 29^th. There were 57,338 users who added their wallets to the platform during this period.

The closest that VeChain coin got to this peak was between April and May 2021, when it registered a total of 51,731 new wallet addresses.

The Partnership With Coinbase and Price Analysis

At the beginning of November, VeChain clinched a partnership with Coinbase. The reason for this collaboration was the release of VeChainThor, an educational program for its blockchain platform. With this program, the people behind this coin expect to attract between 750,000 and 1 million users.

Now, VET did benefit greatly from this news. On the 9^th of November, this crypto coin had a value of $0.0205. After the big news, VET’s value increased by 8% going up to $0.0225 by the 1^st of December.

If the bullish trend continues, then VeChain’s value could reach $0.04209 by the end of this year. However, if this crypto coin is affected by the bearish pressure, then its trading price could decrease. It can go as low as $0.1309 by the end of the year.

Currently, the VET has a trading price of $0.02736 after a 41.83% increase since the beginning of December 2023. After reaching new levels, the bulls are now looking for support at levels such as $0.0213 and $0.0157.

However, it is expected for the beards to become active on the resistance levels of $0.0294 and $0.0366. According to the overbought zone of RSI, the current value prediction of this coin is bearish.

Yet, some bearish volumes have been seen since the start of yesterday’s trading sessions. This can potentially push the price down and cause problems for the bulls.

VeChain Reached Over 900,000 Holders

The VET token has officially reached over 900,000 holders as the crypto coin continues to surge. Since October, VeChain increased its value by over 50%.

Based on the VeChianStats, 910,670 users are holding VET tokens. It is worth mentioning that this blockchain works with the United Nations in its sustainability campaign. This is something that has likely given VeChain a slight boost on the charts.

In the past few days, this crypto coin added 15,275 holders. At the moment, its supply stands at 85,985,041,177, with a value of $0.02736. It also features a market cap of over $1.98 billion.

It is important to mention that the featured number of holders doesn’t mean that it is the same number of individual buyers. The on-chain analytics are usually tracking the number of addresses that are holding a single token.

Now, many investors choose to spread their token holdings to multiple addresses. However, the achievement of getting over 900,000 addresses/holders still stands for VeChain. Additionally, the network is generating the highest number of newly established addresses for the first time in 2 years.