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- 1 Vechain price prediction suggests a consolidated momentum in price for the future
- 2 VET price is currently looking to jump over the 50 DMA and see a new high.It has seen a drop of 1.8% in the BTC pair
VeChain is a blockchain-based platform which has revolutionized the supply chain industry. VeChain enables businesses to track their products from manufacturing to distribution and delivery, providing a secure and transparent platform using blockchain. It helps companies with products such as luxury goods, pharmaceuticals, and food and beverage, where counterfeit products can be a significant problem Vechain can help to prevent the faked goods and improve the customer confidence.
Vechain also provides real time tracking which helps the companies to cut the cost and time. This can help businesses improve their bottom line and increase customer satisfaction.
VeChain also helps businesses reduce waste and improve sustainability. Vechain has a market cap of $1.6 Billion and is ranked 36th in the cryptoverse. Volume of the asset price has seen a decline of 10% in the intraday session. Volume to market cap ratio suggests a consolidated trend in price.
VET Price Favoring Consolidation
The weekly technical chart of the VET suggests a consolidated trend in price. On the daily chart it is showing a weak downside trend.Vechain is currently trading near the value of $0.023 with a small drop in the intraday session.Resistance of Vechain can be seen near the value of $0.08.Meanwhile the support of the asset price can be seen near $0.01.It is trading in between the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price to a new low.
RSI of the VET is near 48 suggesting its presence in the neutral zone.There is a weak downside slope suggesting a bearish trend in price.
Conclusion
Vechain is currently observing a consolidated trend in the daily chart. Various analysts are expecting an upside trend in the future.
Technical Levels
Major Support:$0.01
Major Resistance:$0.05
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
