VeChain is a project to build blockchain infrastructure for data management and Internet of Things (IoT) applications. It aims to resolve real-life economic issues in the business world. Nevertheless, the application based on Vechain is constantly broadening.
The best part is, it has a system that guarantees the authenticity of products to avoid fraud and counterfeit issues in businesses. It also traces sources and adheres to safety standards.
It is all about managing business information, such as business events, products, services, stakeholders’ data. The major blockchain networks authenticate digitized data. The VeChain network facilitates the native proof of Authority consensus protocol and dual token system of VeThor and VeChain token.
In 2017, it was founded in Singapore as a nonprofit organization and was rebranded in 2018. It is a crucial driver of fast value transfer and business collaboration. It links application users, businesses, smart contracts, infrastructure providers within an ecosystem and offers many other facilities beyond it.
Let’s dive into the price analysis of VET.
At the time of writing this post, it was trading at a value of $0.086. The support level is around $0.077, which is a dependable level. Look at the trendline in the chart; it has taken support at that level many times this year. However, the resistance level is around $0.13. Visit here to know VeChain price prediction.
The MACD is still bullish on the daily chart, and RSI is above 40. The MACD, RSI combination is famous for investing, and the combination is still showing a bullish sign.
However, the Bollinger Band shows a lack of volatility, and the last two candlesticks formed in the lower half of it, are even lower than the Moving Average, which is not a bullish sign.
Overall, the price is around its support level, and you can get high returns within a year. That is great!
It has been consolidating in a range, but the consolidation phase will provide you with a handsome return if you buy and sell the coin at the right time.
Should you invest in this coin? Yes, it is an excellent coin for long-term and short-term gain. If you study its fundamentals and find something interesting in this blockchain network, you can surely buy it for the long term.
However, you should buy at around $0.75, with a stop loss of $0.65, but the target will be $15. However, the price may change very quickly, so you have to keep an eye on the chart.