10 Jun VeChain Price Analysis 35% |
VeChain is a blockchain-based distributed ledger and business-oriented cryptocurrency that aims to build a trust-free and distributed business ecosystem. With a focus on measuring the real-world asset and business processes with the technology, VeChain is developing a new generation of products and services based on Blockchain technology.
Last week I talked about VeChain (VEN), but I have not yet explained the reason for it. To do so, let’s first take a look at the VeChain platform and its ecosystem. VeChain has two main products – VeChain Thor and VeChain Thor X. Thor is a public blockchain platform, and Thor X is a private blockchain platform. VeChainThor is designed to be a public, secure, and scalable blockchain platform. The public chain will be like Ethereum, and the private chain will be like Hyperledger. So, the public chain can do governance, issue smart contracts, and other business-related tasks. The private chain can provide more functions, including asset management, data sharing, and IoT. VeChain
Looking at the crypto market as a whole, we can see that VeChain (VET) price has been on the rise, and based on our VeChain price history, we can see that VET/USD is showing signs of gaining momentum at this current moment in time.Summary of the situation
- VeChain price analysis shows that VET is retesting the critical support level of $0.103.
- The downward movement in the price of VeChain points to the possibility of the beginning of a price rally.
- A failure to consolidate above the $0.091 demand barrier would signal the start of new downward momentum.
Price action VeChain recently joined the vendor community after the FBI seized much of the stolen funds in the Colonial Pipeline scandal. Since then, VeChain has lost more than $0.11 in value, about 25% from last week’s high.
VeChain price analysis: Price Overview
Cryptographic tools were originally considered the best channels for cybercriminals. This view is largely correct, as government officials have been unable to detect much of the money hidden in crypto assets. VeChain, like many other cryptocurrency tokens, is currently losing value after the FBI recently seized most of the cryptocurrencies handed over to the hackers of the Colonial Pipeline scandal. Moreover, the negative movement in the price of bitcoin has led to a stagnation in the overall market. In fact, 49 of the top 50 virtual assets have withdrawn in the past 48 hours, according to Coinmarketcap.com. Theta Fuel seems to be the only crypto asset currently experiencing positive price movement in the market. So what does the future hold for Vechain’s prices? At the time of writing, VeChain’s price action is returning to a robust demand barrier, as the previous price spike failed to consolidate above the next VET swing high. This price move, which indicates a retest of the support area, means that an upward run is likely in the offing for the cryptocurrency. In the event of a price recovery, VeChain will overcome several key obstacles to sales.
VeChain price movement in the last 24 hours
Source: TradingView In the past few days, VeChain’s share price has dropped about 30% from $0.153 to about $0.11. Currently, the crypto-currency seems to be facing a weakening downtrend as it trades above the $0.102 support zone. At the time of writing, VeChain is worth approximately $0.110. Although unlikely, VeChain could experience a further price drop below support and settle around $0.092. Such a move would lead to an intensification of the significant uptrend. According to technical indicators on the 24-hour price chart, traders should expect resistance at $0.13, which coincides with the 50% Fibo retracement level. All factors are assumed to remain unchanged. A breakout of this resistance level could allow VeChain bulls to rally towards the 62% Fibo retracement level, which coincides with the $0.144 price level.
4-hour VeChain card
Source: TradingView According to VeChain’s 4-hour chart, a price rise from the $0.102 support level to an expected high of $0.144 means the currency will rise 40%. In this case, VeChain bulls must beat important resistance levels. If VeChain’s price rise does not gain enough momentum, it will slow or stop at these resistance levels.
While VeChain’s uptrend is well defined, the coin’s downtrend seems to have fewer resistance levels. VeChain should avoid closing the 4-hour candle below the $0.092 support level, as this would present an extremely bearish picture. Such a price move would lead to another breakout of the cryptocurrency towards the $0.09 level, which would negate any bullish outlook. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.VeChain is a blockchain-based company that is developing a platform for creating and managing “smart” enterprises, which comply with the needs of the era of “Internet of Things” and “Smart City”. The VeChain (VET) platform enables companies to develop and manage their own platforms for products, services, and data.. Read more about vechain news and let us know what you think.
Frequently Asked Questions
What price could VeChain reach?
VeChain is a cryptocurrency that is focused on supply chain management and use of blockchain technology to improve management of product quality, track and trace, and prevent counterfeit goods. On one hand, VeChain is a platform that allows enterprise businesses to issue their own tokens on their blockchain. On the other hand, it is building a product that can be used to track and trace the product from the source to the point of sale, to prevent counterfeit products, and to improve the quality of the product. Its unique technology called “Proof-of-Believability” will be used in the management of product quality. This is a brief summary of VeChain and where it’s headed. VeChain is a Blockchain platform, which aims to solve the biggest problems in the industry. How? By providing a solution to the three problems that every Blockchain faces.
Will a VeChain rise?
VeChain (VET) was launched in 2015 as the brainchild of the Chinese technology entrepreneur Sunny Liu, and currently holds the reputation as one of the world’s leading blockchain platforms. It is developing a decentralised platform and ecosystem for consumers and businesses, including the VeChain Token (VET), which is the digital currency used on the platform. The VET token can be used to track physical objects on the VeChain platform, allowing for improved efficiency and transparency. VeChain is poised to become a dominant player in the industry of supply chain monitoring. The value of the project is supported by the fact that it has an excellent concept, a solid fundamentals and a good team of developers and executives. The problem is that the price of the token is fluctuating a lot, and it looks like there is a lot of potental for the price to go up.
Is VeChain a good investment?
VeChain has been named as one of the best cryptocurrencies to invest in – and is certainly one you should not miss out on. VeChain is a blockchain based platform that focuses on supply chain management, which it describes as “the new operating system of supply chains”. VeChain’s main goal is to help improve the transparency in the supply chain industry, as it aims to revolutionize how global businesses track and manage their merchandise through supply chain management. The VeChain platform has been created to make the supply chain industry more efficient and transparent by collecting data on the entire supply chain process, and allowing the companies to track and manage it digitally. VeChain is a Blockchain-as-a-Service platform that provides businesses with a secure, low-cost, and highly scalable public Blockchain, in addition to various VeChain middleware solutions and VeChain Thor, the world’s first scalable mainnet.
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