VeChain is a blockchain-based platform that is designed for supply chain management solutions. They aim to create a transparent and traceable supply chain system by using the power of blockchain technology. It is a versatile smart grade L1 smart contract platform. It was founded in 2015 and Sunny Lu is the current head of the company.
The company aims to disrupt the traditional business model and push to a new high. They provide product tracking services and verification in real-time to the business. It gives real-time monitoring of the business which helps in a better throughput of the business. VET uses the Proof of Authority mechanism which is more energy efficient than others. VeChain has observed a decline in social engagement over the past few months.
VeChain is currently gearing up for major market expansion with the launch of Billion dollar NFT collection. It has been seeing strong interest from investors and users over the past few months.
VeChain has a market cap of $1.5 Billion and has seen a drop of 5% in volume. VET has seen a strong rise in social dominance and can move to a new high. The V\M ratio of the asset price hints towards a consolidated trend in price.
Is VET Price Ready For A Rebound?
The weekly technical chart of VET hints towards a struggle between the bulls and bears. It is trading inside a downside parallel channel in the daily chart. VET is currently trading near the value of $0.02 with a small gain in the intraday session.
The upside momentum of VET can see a halt near the value of $0.026. Meanwhile, a bounceback in the support price can be observed near $0.02. The asset price is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low.
The RSI of VET is near 38 highlighting its presence in the oversold zone. There is a weak positive slope in the RSI hinting towards a weak bullish trend in price.
Summary
VET social dominance has been moving in a strong upside for the past few days. VeChain is currently in a weak consolidated trend but can move to a new high in the future.
Technical Levels
Major Support:$0.02
Major Resistance:$0.026
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/04/vechain-price-prediction-is-the-downtrend-over-for-vet-price/