Will VET Crypto Price Reach Upper Levels?

VeChain is the creation of founder and co-founder Sunny Lu, a former IT executive who was CIO of Louis Vuitton China.

Its work in providing a decentralized trust layer for multi-party ecosystems has already seen major successes with high-profile clients and government bodies.

Using transparent technology with no single point of weakness or control allows for greater security, efficiency, and ease of tracking all kinds of data while reducing costs through trustless automation via smart contracts. 

Carbon, supply chains, international shipping, encouraging ecosystems, passports, etc. benefits greatly from the digitalization of trust and the collaboration it creates jobs

VeChain’s platform holds a very wide appeal to many different clients and industries.

Amid the Horde of Other Players, What Makes Vechain More Unique?

One of the distinctive features of VeChain is its dual-token setup, which consists of two types of tokens: VET and VTHO. VET is the main token that represents the value of the network, while VTHO is the secondary token that is used to pay for transactions and smart contracts. 

Another innovative aspect of VeChain is its fee delegation protocol, which allows smart contracts to cover the gas fees for users, making the network more user-friendly and accessible. 

This protocol, along with the one-stop ToolChain platform, enables crypto-wary companies to use VeChain’s Blockchain-as-a-service without having to deal with crypto payments or regulatory issues.

VeChain IDs are an essential component of the VeChain blockchain. It assigns a unique code to the product. Sensors are used to track every step of the equipment.

The platform aims to provide stakeholders with comprehensive information about products and business processes, thereby ensuring business transparency and enabling international businesses to respond honestly and do better.

VeChain’s customer list currently includes large companies such as BMW, LVMH, and Walmart.

VeChain Software allows developers to create and run dApps. Therefore, with the help of VeChain’s blockchain, businesses can use dApps and offer more advanced services and products.

The project also uses solutions and innovations to streamline the process, including ToolChain, My StoryTool, VeChainThor blockchain, and Internet of Things (IoT) technology.

VeChain (VET) is a proof-of-authorization (PoA) token that requires lower electricity to ensure network security compared to protocols such as Bitcoin.

A recent CTI report showed that VeChain’s annual carbon footprint is incredibly small at just 2.4% of the emissions of mining a single Bitcoin, thus making PoA an incredibly efficient consensus mechanism for securing the network.

Proof-of-authority is a process whereby authority master node operators are selected by an independent Steering Committee, thus giving them ‘authority’ to run a master node. 

This model is especially attractive for businesses that want to guarantee the integrity and quality of the validators running the network and ensures that malicious actors are removed if necessary.

VeChain Price Analysis In 1-D Timeframe.

The VeChain crypto is trading at $0.02403 with a 6.16% increase in the last 24 hours.

If the buyers maintain the pressure, the VET price could surge from the current level. The next target for the VET price is $0.03000. 

However, if the VeChain crypto price fails to stay above the $0.02000 level, it could decline further.

The VET price is higher than the 20-day and 50-day exponential moving averages

This shows that the EMAs are providing a strong support for the VET price, as they are following the price and stopping it from falling even lower. Therefore, the VET price trend is positive and rising.

Summary

The VET crypto is geared for a spectacular rise ahead, as it accumulates strength to pierce through the obstacles and rise to new altitudes from the current base zone.

Technical Levels

Support Levels: $0.02000

Resistance Levels: $0.03000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.