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- Vechain has been in a downward trend for quite a while and may see a new high in the future.
- Technical indicators are favoring bearish move, VET/BTC pair has seen a fall of 0.84% in intraday session
VeChain is a blockchain platform which is designed for supply chain management and logistics. It utilizes smart contracts and RFID technology to track and verify the movement of goods through the supply chain. The platform helps to improve efficiency, reduce the risk of counterfeiting and fraud, and increase transparency.VeChain was founded in 2015 and has since established partnerships with major companies in various industries. VeChain platform also offers a range of other blockchain-based services, such as product traceability, data management, and digital identity verification.One of the main key features of VeChain is its dual-token system, which consists of VeChain Tokens (VET) and VeChain Thor Energy (VTHO). VET is used to represent value and can be bought and sold on exchanges, while VTHO is used to power smart contracts and other on-chain activities.
Vechain is currently ranked 33rd in the cryptoverse and has a market cap of over$1 Billion Volume to market cap ratio of VET suggests a strong upside trend in price. Various analysts are predicting a strong rise in 2023.
Technical Indicators Of VET Are Favoring Downside
Vechain has been in a downside trend and is seeing low volatility from the past few weeks. The weekly technical chart of the Vechain suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near the value of $0.016 and has seen a fall by 0.53%. The upside trend of VET can see a halt near the value of $0.03.Meanwhile the downside trend can see a bounceback from $0.01. The asset price is currently trading below 50 and 100 DMA. It can see a positive crossover in the future.
Conclusion
Vechain is one of the few platforms which has been dealing with the supply chain management. VET price is currently in a consolidated trend and can see a new high in the future.
Technical Levels
Major Resistance:$0.03
Major Support:$0.01
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
