In the past seven trading sessions, the VeChain price has failed to move significantly, trading within a narrow price range of $0.019 and $0.020. Today, VeChain also looks poised to continue with the same horizontal trend, with prices dropping to reverse yesterday’s less than a percentage point gain.
VeChain is a blockchain platform that was launched in 2015 with the goal of transforming supply chain management. It uses smart chips and the VeChainThor blockchain to provide users with the ability to monitor their goods within the supply chain with high precision. This includes tracking details such as location, temperature, and weight. The use of VeChain’s technology allows users to have greater control and visibility over their goods, improving supply chain efficiency and reducing the risk of fraud or errors.
In addition to its focus on supply chain management, VeChain has also entered into a partnership with the Association of Tennis Professionals (ATP) to promote its brand and develop sustainability initiatives in Europe. This partnership provides VeChain with access to a large global audience and the potential to expand its reach within the continent.
Recently, VeChain completed a mainnet upgrade and implemented its Proof of Authority 2.0 (PoA2.0) system, improving the network’s compliance with upcoming data regulatory guidelines and providing greater scalability and security. This is a significant development for the company, as it positions VeChain as a reference platform for those looking to implement sustainability-oriented digital solutions based on blockchain technology.
Overall, VeChain’s focus on supply chain management and partnerships with organizations like the ATP demonstrates its commitment to providing innovative solutions in the blockchain space. Its recent mainnet upgrade and implementation of PoA2.0 further position the company as a leader in the industry and could lead to future growth and adoption.
As seen from the above fundamental analysis, Vechain’s future prospect is to the upside. However, based on the current technical analysis, it is highly likely that we might continue to see the Vechain price continue to drop for the next few trading sessions. It is also highly likely that the Vechain price may adopt a bearish trend in the next few trading sessions.
Therefore, between now and the end of the year, I expect VeChain to have hit the $0.017 support level again and possibly trade below it. There is also a high likelihood that the Vechain struggles might push it below the $0.015 price level for the next few weeks. However, a trade above the $0.022 price level will invalidate my bearish analysis.
This post was last modified on %s = human-readable time difference 11:18