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

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

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

VeChain announced a $1 million grant program for an eNFT ecosystem

The blog details,

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

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

VeChain VET price has broken the short-term market structure by setting up a higher high on April 27. Since then, VET price 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 VET price from sliding lower, indicating a buyer interest. Hence, a bounce from this barrier to the swing top at a price of $0.251 is the path that the bulls might take.

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

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

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