VeChain is a decentralized blockchain platform that helps to improve supply chain management, mostly popular in the USA, Singapore, China, Japan, and Europe. This distributed ledger technology was created in 2016 to start a digital business transformation for the automobile and fashion industry.
It aims to develop a solution for product traceability and for supply chain management that enhance inventory and logistics management for large corporate houses. With this system, the authority can track the manufacturing process with the blockchain as a service platform that ensures all the criteria are met to maintain the standard of the products.
Besides that, it also tracks the shipping process from inventory to the end consumers. Indeed, VET will provide a good return in the long term. Should you invest in this bear market? Read our VET price prediction to know..
At the time of writing this post, VET was trading around $0.015, which is in a downtrend after falling from $0.0282. On the upper side, $0.019 will work as immediate resistance.
Based on the technical indicators, VeChain is in a downtrend because RSI is below 35 and, MACD is neutral, candlesticks are in the lower Bollinger Bands. We do not think it is the right time to invest for the short term because the price of VeChain will break the support and form a lower low in the next few weeks.
On the weekly chart, candlesticks are forming lower highs and lower lows, so we can consider VET to be long-term bearish, and the next support can be around $0.01. On the upper side, $0.023 will be a resistance because it has taken support around that level.
Based on the technical indicators, RSI is below 30, MACD is neutral, and candlesticks are in the lower Bollinger Bands, which reflects bearishness. You should wait until it forms support on the long-term chart before investing in VET. If you understand the fundamentals and want to invest, you may add VeChain to your watch list.