Will VeChain (VET) Continue Its Bullish Run?
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VeChain is an anti-fraud technology that comes with a wide range of use cases. It helps corporations gain greater transparency in manufacturing and delivery processes, and it is built to make supply chain management easier and determine its authenticity.
It works in a very simple way. VeChain gives each product a unique identity that uses sensors to track the stages from manufacturing to delivery.
It was founded in 2015 by Sunny Lu. He uses blockchain technology to solve the problems in the supply chain management of luxury goods. Moreover, he published financial reports every year to maintain transparency.
The VeChain network consists of two types of tokens. One type of token funds the projects; another token power the blockchain. It has secured a national-level partnership with China on different projects, especially in developing smart cities.
Fundamental analysts divide the network into three parts. The real-world tech gives identity to physical products using NFC QR codes. The sensors record the information in every stage. If anything goes wrong, the blockchain will show the mistake.
It also helps customers check the authenticity of the goods, and it is important for tracking fraudulent activities, especially in the luxury goods sector. It also allows the customers to buy used products after verifying their authenticity.
At the time of writing, the price of VET coin is $0.051. If we look at the chart closely, we will find a downtrend pattern. It is facing strong resistance around the previous support level. If it cannot break, it will come downward till $0.31, which can be a great time to accumulate some coins.
After making an ATH of $0.24, VeChain is struggling at the base level. It formed a few higher highs and higher lows, and now it has been consolidating around $0.051. On the daily chart, the MACD is neutral, and RSI is in the oversold zone. The candlesticks are in the lower half of the band, which suggests extreme bearishness. The indicators are either neutral or bearish, so investing in this token at this time may not be a good decision.
However, it is always better to take a small step first, so you can invest 10%-20% of your total amount so that if it goes down, you can invest more. Short-term investors should avoid this chart, and you can enter when it signals a perfect bullish reversal.
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