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- 1 Vechain has observed a decline in mainnet activity especially in the average number of transactions
- 2 VET is currently observing a weak upside momentum in the price.It has seen a gain of 1.6% in the intraday session
The supply chain is one of the most crucial parts of any business. In today’s interconnected world an effective supply chain is one of the most critical parts. Vechain is one of the most prominent blockchain platforms focusing on the supply chain. It creates a transparent and traceable supply chain ecosystem. It began in 2015 as a private chain and became publicly available in 2017. There are more than 2101538 active wallets on the Vechain mainnet. Vechain platform uses VET and VETHO tokens to manage and create value for the users. The Vechain ecosystem uses very less energy as compared to other platforms. Vechain uses a unique identifier for each product to track every step of the supply chain. VET is a proof of authority token which uses very less energy as compared to others. Vechain can observe a strong adoption in the upcoming years and can cross its all-high by 2025.
Vechain has a market cap of $1.4 Billion which can surge more than 5X by 2025. The social engagement of the VET can also observe a strong momentum. The V/M ratio of Vechain suggests a consolidated trend in price.
Is VET Price Ready For A Turnaround?
Vechain is currently seeing a slight surge in the weekly time frame. On the daily chart, it is trading near the value of $0.019 with a small surge in the intraday session. The correlation between the VET and ETH is 0.82. It is observing a U-shaped recovery in the daily chart. The upside trend of Vechain can see a halt near the value of $0.025.Meanwhile, the support of the asset price can be observed near $0.015. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low.
MACD of the VET price is hinting towards a weak upside momentum. The bars and signal lines of the indicators are suggesting a consolidated trend.
Summary
Vechain is currently seeing a decline in the mainent activity. VET price is currently seeing a weak upside momentum and can hit a new high in future.
Technical Levels
Major Support:$0.015
Major Resistance:$0.019
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
