VeChain comes with anti-fraud technology, and it helps companies to gain better transparency in their supply chain.
It is mainly used to prevent fraud during the manufacturing and delivery process. The best part about VeChain is that big corporations have also used it to track their supply chain throughout the world.
It functions uniquely. It gives each product a unique identity and uses sensors to track the product at every stage of the supply chain. It is helpful for companies and consumers to verify legitimate purchases.
Sunny Lu founded VeChain in 2015 to create an IoT for corporate houses. It is based on blockchain technology to increase the security of supply chain tracking. No one can change the recorded data, and if anything goes wrong, the record will show the mistake. Moreover, the organization publishes regular financial reports to maintain transparency.
It has two token systems; one type of token funds the system, and the other token powers the blockchain. Let’s analyze the VET token price!
At the time of writing this post, the price was $0.0727. The weekly chart looks steady with two higher highs. However, the price is trading at the support level of around $0.070. If it does not break the level and moves upward, it will reach the resistance level of 0.18, which provides an excellent return in a short time.
On the weekly chart, MACD is bearish, the RSI is around 40, and the last few candlesticks are in the lower part of the Bollinger Bands. All three signs reflect bearish signals.
On the daily chart, the MACD line is neutral; RSI is around 40, which means it could be the beginning of a new bull run. $0.096 can be an initial resistance level, but the price may cross the mark in a couple of weeks. However, traders should wait for a bullish sign before investing.
The price depends on the market adoption. It has a good fundamental, and many big corporations are VeChain clients. Though it specializes in supply chain management, it is a good business tool. Indeed, it has a huge potential to dominate the crypto market.
So, should you invest in VeChain? Based on the VET price forecast, it is the right time to invest in the VET cryptocurrency because the price is at the support level.
