After progression from Ethereum blockchain to developing their own VeChain Thor Blockchain, VeChain has become eligible to resolve real-world problems, particularly in the supply chain management domain. Counterfeits and duplicate products are destroying the original product’s market, hitting both the buyers and original manufacturers in a bad way.
Well, VeChain tends to resolve this exact problem, though, since buyers have no method of tracking the quality of the product even from authorized partners. Since anyone with an opportunity can add counterfeits along with original products.
VeChain price is up by 30% in the last three days but faces stiff resistance ahead. Currently, it comes among the top 20 cryptocurrencies in terms of market capitalization, with a rough figure of USD 9 billion. There are 64 billion VET tokens in circulation, while another 25% that comes out as 22 billion tokens have still not been released. For VeChain to beat Bitcoin at its current value of $50,000, Vechain will have to surpass the $16 mark.
What’s brewing in the VeChain Blockchain Network?
As per recent developments, VeChain has announced its progressive work in the Proof of Authority 2.0 protocol, along with more partnerships and dapps support. But the major development was its successful completion of solving 10 million blocks without any downtime.
These developments will be a key factor in upscaling the valuation of VET tokens. Since they are working on combining the power of the internet to incorporate Blockchain technology into the enterprises, the positive impact on the global supply chain domain will be substantial.
VeChain Price Analysis
VET token is up by more than 75% in the last month and has become extremely bullish in the daily time frames. Whether it’s a result of completing 10 million blocks or belief in this blockchain to address supply chain management issues. One needs to imagine the possibilities to sense the true application of this blockchain. Only then can the possible valuation be calculated.
The price action in the last three weeks has been a consolidating one. Hence, none could address the future projection. But now, we can address the VeChain token’s true potential since it has attempted to break the immediate resistance level of $0.1454 with strong buying sentiment and increased volumes on daily charts.
Technical indicators for buying sentiment, RSI, have bounced back towards the bullish zone, adding confidence in the price action. Since it was in the consolidation zone, there is a much smaller chance of sudden profit booking and more probability of retesting new monthly highs. The MACD indicator is creating a bullish crossover.
On the upside, VET will face another resistance at $0.2354 levels, which is 62% away from the current levels. Hence, if VET manages to trade above the immediate resistance levels, we can witness a massive upside movement. There is strong support from 200 DMA at $0.111 levels.
The story on hourly charts is a replica of daily charts with better price action clarity. A unique aspect of this time frame is the sudden and large green candles, which indicates buying by whales. Compared with the previous price action, it is strong, but most of it is because of sudden buyings. At the same time, there is non even a single red candle to match the buying.
All of these point towards the holding pattern of the VET token. If it continues this way, we can expect the VET token to fly off to unprecedented levels as per our VeChain price prediction. Support and resistance are the same as the daily charts.