VeChain powers the supply chain: Is it worth investing in VET?
Major corporations use VeChain because it helps to make supply chain management easier by creating a tracking system that detects fraud and other discrepancies in the supply chain. It provides a unique identity to track the product at every stage of the supply chain. It alerts the owner to verify the process if it detects any discrepancies or abnormalities. It also helps the consumers to verify the purchase to avoid fraud in the business.
It was founded by Sunny Lu in 2015, who has expertise in blockchain technology. Instead of a wide range of use cases, VeChain focuses on a specialized approach to supply chain development, making it one of the most popular utility tokens in the industry.
VeChain was originally issued on the Ethereum network. Later it launched its own network and rebranded as VeChain Thor (VET). The VET token is used to pay gas fees on the network. However, there is the second token known as VeThor (VTHO), which helps to access the supply chain technology. That means the company that wants to track the supply chain needs to pay VTHO to get the information.
At the time of writing this post, the VET coin price is trading around $0.026, which has faced strong resistance around $0.027. We think this resistance is crucial because if it breaks the level, it will form higher highs and could be long-term bearish, depending upon the weekly chart.
However, if it does not break the resistance, it will take support around $0.024, which will be a good time to invest for the short term. Although candlesticks are forming in the upper BB and most technical indicators are bullish, we do not think it is an ideal investment time. You can add it to your watchlist and wait for a breakout or support before investment, as per our VeChain prediction.
After taking support around $0.022, it has been bullish for the last month. The last three candlesticks are green, which suggests a strong momentum for the long term. The recent weekly candle has crossed the baseline of the Bollinger Band, and most technical indicators are bullish that suggesting it will break the resistance for the long term, and that could be an ideal time for investment. However, it is time to wait until it takes momentum.