VeChain, a blockchain-powered supply chain ranked amongst the top 30 of the digital asset markets is seen drawing an uptrend from the 4-month support tested at the onset of the previous month at $0.0085. VET coin currently trades at 0.0160, after having nosedived from the recent high marked at $0.0191. Alongside, VeChain was one of the major gainers in the 3rd quarter and lured a massive investor base just like Verge, Cardano, Stellar, etc.
VeChain Accepts Challenge to Eliminate the Risk of COVID-19
Cardano and Stellar are still trading green despite the major altcoins including Ethereum and XRP showing a diminishing trend. However, cryptocurrency gaining an edge in the market after almost a decade of Bitcoin is a positive acceptance to innovation whereas the COVID-19 pandemic is just an inverse situation that has brought all the innovation on its knees as there happens to be no specific medication yet. But till we get the hang of vaccination for Coronavirus, the containment of the cases is necessary and should be done immediately for saving mankind and markets on the whole. In this respect, as per the latest VeChain news reports suggest, blockchain is just extending its way of helping the world save a bit from this pandemic, wherein VeChain has been a great contributor too.
'Blockchain technologies to mitigate COVID-19 challenges: A scoping review'
— eisenreich Ⓥ (@EisenreichVET) December 14, 2020
The risk mitigation of the spread of the COVID-19 pandemic is the most go to alternative until a vaccine or a cure drops in.
VeChain Price Analysis
At the press time, the VET price was seen trading at $0.01606 after having drawn an uptrend from the 4-month support hit at the onset of the previous month below $0.0100. With the current strengthening in the price of VET coin, it is retaining clear support from 50-day and 200-day daily MA around $0.013. However, the VeChain price lacks traction, and therefore, it failed to retrieve to YTD high above $0.0220. The 20-day BB does not show any trading extremities, but intraday pullback has led to a bearish crossover on the daily MACD chart.
The RSI reflects the slight change in the price below $0.020 and with the coin trading close to the immediate support of $0.0150, the RSI lies at 53.00.