Even with a general funk enveloping the biggest part of the cryptocurrency marketplace, there are silver linings here and there… if you look. The VET altcoin appears to have entered a consolidation range which could prove profitable for long-term (i.e. 5 years or more) investors.
Here’s more:
VeChain is a cryptocurrency with an aim to provide traceability, transparency, and better functionality to real-world businesses. It is an Internet of Things to improve the supply chain process for corporate houses.
VeChain has its own blockchain system (VeChain Thor), and it is an alternative to the supply chain that has been running on the Ethereum blockchain. It offers innovative features and allows users to build decentralized applications to solve real-world problems. Some industries, such as food services, tourism, health, and logistics, benefit more than other industries, but it has unlimited growth potential.
Walmart is a multilingual retail corporation that announced a partnership with VET to track food delivery in China. This decentralized app shows users the product information, traceability, and storage conditions and offers many other features.
VeChain also made a partnership with BMW. The platform provides a distributed ledger tool to save information related to the product, repair parts, mileage, and other services.
It was founded in 2015 by Sunny Lu and Jay Zhang. They have a headquarters in Shanghai and provide an enterprise-level blockchain solution that helps to solve many real-world businesses related problems.
VET was trading at $0.061. Technical indicators are not giving bullish signs. $0.057 is the immediate support level, and $0.067 is the immediate resistance level. This means the VET price may consolidate between this range in the short term.
On the daily chart, the MACD line is bearish; RSI is below 50. The candlesticks are forming sideways in the lower half of the Bollinger Bands. Technically, we cannot say the coin is bullish until it crosses the $0.067 level. Check out VeChain Price Prediction for a more detailed technical analysis and price projections.
On the weekly chart, indicators are mostly the same because the coin formed higher highs and higher lows in the last year. VET USD is in a consolidation phase, and it is difficult to determine how long this will continue.
The MACD line is bullish, and candlesticks are around the base of Bollinger Bands. The RSI is at 45. The VET price may form higher highs again, but the probability is less.
We think you should accumulate some coins at this level for the long term. However, do not invest the entire amount now because you have to accumulate more coins to average the price if the price falls. It is suitable for the long term, and you will gain profit if you invest for at least five years.
