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- 1 The number of core developers in the Vechain protocol has observed a decline as per Defilama
- 2 VET price is seeing a strong consolidated momentum in price. It is currently trading near the value of $0.1551
Vechain is a L1 smart contract platform which is mainly used in the supply chain. It began in 2015 as a private chain while working with various companies across blockchain.The platform uses VET and VTHO token to manage and create value for the customers.VET has a total supply of 85,985,041,177 VET in which 83% of it circulating in the market. Vechain platform aims to disrupt the traditional business especially in the supply chain sector.The platform has a wide variety of appeals to the clients and business.
Vechain is observing a decline in average gas fees used per clause. Meanwhile the total contracts on the platform has climbed to 21983 and is increasing exponentially. Also, the new active contracts on the platform are seeing a stagnation. The network utilization of the protocol has also remained unchanged from the past few weeks.
Vechain has a total market cap of $1.1 Billion and is ranked 39th in the CMC. The volume of the asset price has seen a surge of 4% in the intraday session. Volume to market cap ratio of VET hints towards a consolidation in price.
Where Are VET Bulls Heading To?
Vechain token price is currently observing a weak downside trend in the weekly technical chart. On the daily chart, it is trading near the value of $0.01522 with a small drop in the intraday session. The upside trend of the VET can see a halt near the value of $0.03.Meanwhile, the support of the asset price can be seen near $0.01. VET price is trading below the 50 and 100 Daily Moving Average. If the price jumps above the DMA then a strong upside momentum can be seen.
The RSI of VET is near 36 suggesting its presence in the neutral zone. The overall sentiment of the indicator is consolidating.
Summary
Vechain has been observing a decline in the overall developers and average fees per clause. The TVL of Vechain protocol has also been in a strong decline as per the defilama. VET token price is currently in a consolidated mode and can see a new high in the future.
Technical Levels
Major Support:$0.01
Major Resistance:$0.02
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
