VeChain News: Will VET Reach $10?

In the latest VeChain news, a long-term partnership with the world's premier mixed martial arts organization, the Ultimate Fighting Championship (UFC), was announced on Thursday, June 9, 2022.

Positive sentiment on the back of latest VeChain news

VeChain is one of the early real-world blockchain applications with offices in the United States, San Marino, Ireland, Italy, France, Singapore, China, Japan, and Luxembourg.

As the leading global sustainability-focused blockchain foundation, this alliance will help the layer 1 solution receive unmatched access to the assets of the UFC. Some of the perks of the partnership include VeChain having access to in-arena promotions, original content distributed through Ultimate Fighting Championship's popular social and digital channels, as well as live events.

This VeChain news means that more than 900 million households in more than 170 countries that watch broadcasts of UFC competitions will be exposed to the power of blockchain solutions.

Chief Executive Officer and co-founder of VeChain, Sunny Lu, said this union is a historic one for the blockchain that has the lion's share of most enterprise adoptions.

He added it would help educate millions of people about the possibilities of blockchain technology in helping sustain projects such as the fastest-growing sport, UFC.

UFC Senior VP of Global Partnerships, Paul Asencio, recognized VeChain as one of the global leaders in blockchain technology.

He said he was glad to have the technology company as the Official Marketing Partner of UFC because of what their blockchain has done for the public and private sectors using their carbon-neutral protocol.

He added that UFC would use this opportunity to educate skeptics about the pros of using blockchain technology to protect the environment.

This looks like one of many alliances that could make VeChain news as the layer one blockchain protocol looks to forge new coalitions in the future.

Other supporting factors

Aside from UFC, the company has forged alliances with leading enterprises such as LVMH, BYD Auto, BMW Group, Bayer, and Walmart. Having one of the most vibrant ecosystems in the saturated blockchain technology space, VeChain has been adopted by governments and several enterprises. As of July 2022, it continues to mainstream applications across industries such as energy, medicine, supply chain and logistics, carbon management, sustainability, and others.

The major drivers of cryptocurrency’s value comprise exchange listings, staking services, and partnerships.

This alliance with UFC reflected positively on the valuation of the novel token of the protocol, VET, which can be found on roughly 36 exchanges.

VeChain price forecast

On June 9, VET opened with a trading price of $0.0303 and increased to an intraday high of $0.03304. With day traders using several strategies to make profits from small price changes, a sell-off to lock in gains saw a 9% decrease to an intraday low of $0.02998. VET closed the day with a new trading price of $0.03189, per data retrieved from CoinMarketCap. Overall, this meant VET shed 3% between its opening and closing price on the day of the partnership.

The effect of the partnerships has led to increasing questions about its native asset, VET. Many continue to ask about VET predictions. Despite the slight price increase, analysts at Wallet Investor do not foresee VET reaching new milestones in the future. In the short term, they do not see VET testing its all-time high (ATH) price of $0.2782 on April 17, 2021. According to them, by the end of 2022, VET could command an average trading price of $0.00273, a minimum price of $0.00137, and a maximum price of $0.004096.

On the other hand, experts at the technical analysis-backed Digital Coin Price predict VET to exchange hands for a regular price of $0.0290, the least possible trading price of $0.0272, and the best possible trading price of $0.0308 by the close of 2022.

Analyst David Cox at CryptoNewsZ remains bullish about the future price patterns of VET.

Other drivers likely to trigger an uptrend in the digital asset's value are positive crypto market sentiment, renewed interest in risky assets, and clarity on crypto regulation.

Per the analyst, VET could have $0.05 written next to it by the end of the year, $0.07 in 2023, and $0.09 by the year’s end of 2025. VeChain has an awesome protocol, making its digital token VET one of the assets you can consider for your investment portfolio.