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VeChain Price Analysis: VETUSD Bulls Out Of Track

As we all know that VeChain is a Blockchain platform that is created to increase supply chain management and business processes. The goal of VeChain is to streamline the information and processes flow during complex supply chains with the use of distributed ledger technology (DLT). It aims to make a connection between supply chain management and the real world with the help of a governing structure, an economic model and the latest technology.

The VeChain platform has 2 tokens namely VeChain token (VET) and VeChain Thor Energy (VTHO).

VeChain token is used to transfer value across VeChain’s network and VeChain Thor Energy is used as energy or gas for power transactions.

VeChain is in the news because it has lost 7.034% in the last one day and its cost against USD is now 0.0034 USD.

If we talk about VeChain White paper, it claims that Blockchain technology can break asymmetric information problems and the ownership of data will return to its original owner and hence empower the owner. The VeChain platform provides 360-degree access to its information which is linked with a product and also to its business processes like storage, transportation, and supplies to authorized stakeholders.

VeChain has gone through 3 price swings in the last 24 hours from 0.0036 USD to 0.0033 USD. The variation in price started at 00:07 UTC when it’s price become as low as 0.003470 USD and it remains at the same price for the next 8 hours and 6 minutes. After this, it got a hike of 2.92% and this hike results in adding 0.0001 USD in the value of VeChain and making it go up at 0.003570 by 16:02 UTC. However, this growth in the value of VeChain does not stand for larger time and it went down to the value to 0.003343 after having a downfall of 6.37%.

VeChain was established in 2015 and is operational in many cities like Singapore, Tokyo, Shanghai, Paris, and many other leading cities. Currently, it is placed in 24th position in the international market due to its size.

If we talk of this week than there are several fluctuations in the pricing of VeChain, the highest value of VeChain was recorded as 0.0038 USD as on 10 October and from there are several ups and down in its pricing and its current value is recorded as lowest in the week as of now.

The current price of VET’s is less than it’s 50-day moving average. The current price of VET’s is 0.0034 USD and it’s 50-day moving average is 0.0038 USD. The current value is around 11% lower than it’s an average value. The current price is even lower than it’s 20-day moving average which is 0.0035 USD by around 2.3%.

If we consider the year 2019 than it has been a growing year for VeChain (VET). Starting from low value, it’s value has increased after 1 week of March. At that time the cost of VET is as high as 0.004597 USD.

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About Shreya Kapoor

20 y/o budding journalist, with a tinge of good vocabulary.

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