Blockchain technology aims to provide decentralization, transparency, immutability, and automation in real-world businesses. However, it can be difficult and expensive. That is why many projects rely on a distributed ledger to lower the entry barrier.
VeChain is one such blockchain platform that deals with supply chain management issues and resolves them without third-party interference. Many crypto enthusiasts and big investors are optimistic about the future potential of VET coins.
At the time of writing this post, VET was trading around $0.022, forming a higher high on the upper Bollinger Bands, suggesting a continuation of the uptrend. It started the rally from a baseline of $0.015, so you can find a profit booking after it finds resistance around $0.024. Read our VeChain predictions before making any investment decisions.
The weekly timeframe of VeChain has been in a downtrend, forming lower highs in the last few months, which suggests a further downtrend if VeChain comes in the lower Bollinger Bands. This week’s candlestick forms in the upper BB with positive MACD and RSI. The last time candlesticks crossed the BB’s baseline was in April 2022. Afterward, it formed a candlestick this week in the upper Bollinger Bands.
We do not think it is a sign of trend reversal, at least for the long term. Indeed, you can trade for the short term with a target and stop loss, but you should wait for a few more months to analyze the VeChain price action and technicals before accumulating the token for the next few years.
