VeThor’s(VTHO)+450% Boom: Fundamentals & Technical Insights!

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In the last 24 hours, the VeThor Token( VTHOUSDT) project has managed to increase by more than +450%. Let's take a look at the reasons for the VeThor Token(VTHO) increase:

The fundamental reason behind the recent surge in VeThor Token (VTHO) could be attributed to increased network usage and adoption of the VeChain blockchain:

Higher Network Activity: The VeChain(VETUSDT) ecosystem has seen growing adoption in industries like supply chain, logistics, and sustainability, leading to increased demand for VTHO to pay transaction fees.

New Partnerships and Integrations: Announcements of new collaborations and partnerships involving VeChain have boosted investor confidence, indirectly driving demand for VTHO.

Technical Upgrades: Improvements in the scalability and efficiency of the VeChain network have made it more appealing for developers and businesses, increasing VTHO's utility.

Speculation and Market Sentiment: Positive sentiment and speculation about VeChain's future potential have likely influenced short-term trading volume and price spikes for VTHO.
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Let's take a look at the Technical Analysis of the VTHO token:

During the last 24 hours, VTHO seems to have managed to break the Heavy Resistance zone($0.0070-$0.0037). One of the signs of a valid failure is that it is broken with a large volume of this zone.

Regarding Elliott wave theory, it seems that VTHO has successfully completed the main wave 3 above the Heavy Resistance zone($0.0070-$0.0037) and is currently completing corrective waves. Probably, the structure of corrective waves is Zigzag type(A-B-C/5-3-5).

I expect VTHO to start increasing again after the -30% decrease from Potential Reversal Zone(PRZ)[$0.0053-$0.0041] and at least increase(+40%) to the Resistance line, and if the Resistance line is broken, we can confirm the end of the main wave 4 and wait for further increase of VTHO.

Note: If VTHO goes below the Potential Reversal Zone(PRZ)[$0.0053-$0.0041], we can expect further price reduction of this token.

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VeThor Token Analyze (VTHOUSDT), 1-hour time frame.

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