The VeChain Foundation has established a $1 million funding initiative to support the development of an eNFT ecosystem.
This award will implement NFT in a large-scale setting, assisting businesses in combating difficulties like tracking and counterfeiting
The VET price appears to be on the rise as it approaches a large area of demand. It could serve as a foundation for the next leg up in the market.
The VeChain Foundation has announced a major funding initiative to accelerate the adoption and impact of blockchain technology in the real world. The VET price has lately entered a demand zone and appears to be on the verge of taking off.
eNFT is a game-changer in the broad use of blockchain technology. According to the VeChain Foundation, they have allocated $1 million to developers and initiatives that have the potential to provide value to the organization’s NFT (eNFT) ecology and its dependents. The announcement took place on April 28.
Due to the rapid growth of the DeFi and NFT sectors, VeChain believes that this funding will aid in the broader acceptance of its native token VET. As well as its recent release of the VeThor (VTHO) cryptocurrency. The blog provides specifics that it will take numerous applications and efforts to create an ecosystem of this nature. These are along with NFT marketplaces, token bridges, DeFi applications, open-source software, and other similar initiatives. The compounding impact of adding more tools will cause the progression of the eNFT ecosystem to accelerate rapidly.
Furthermore, the award program does not confine developers to NFT. But rather allows them to branch out into other areas such as DeFi applications, token bridges, and cross-chain tools.
The VET Price Poises to Reach a New High
In April, the VeChain price broke through the short-term market structure. This is by establishing a new high that was higher than the previous one. Since then, VET has recovered about 16 percent. It settled in a 4-hour demand zone that ranges from $0.190 to $0.198 per unit of currency.
Over the previous 24 hours, purchasers in the area have prevented the VeChain price from falling further. It indicates that there is buyer interest in cryptocurrency. Thus, a bounce from this resistance level to the swing top at $0.251 is a possible course of action for the bulls.
The recent swing high of $0.224, on the other hand, may have dampened the purchasing pressure. As a result, it is critical to breaking through the higher high in order to retest $0.251.
While the 4-hour demand zone appears to be a plausible barrier from which to bounce, a possible rise in selling pressure may easily overthrow it and send the market tumbling. Upon a breakdown of the $0.186 support level, the bullish thesis will be thrown out the window, and a sell-off will begin into the 2-hour support region extending from $0.154 to $0.175.