VeChain has been in the news for the last few weeks as the coin is actively spreading its services across various sectors. While the world is battling a global health crisis since the last couple of months, the health care sector has become one of the most crucial aspects of every economy.
Around a year ago, VeChain had announced a collaboration with DNV GL, and Haier IoC to work on the clothing lifecycle management system using blockchain and IoT Technology. Despite such huge partnerships and launchings, the market remained bearish in the second half of 2019.
This time, VeChain has joined hands with I-Dante, a Cyprus based blockchain medical data management firm. Both the entities will come up with a platform names E-NewHealthLife that will enable patients to share health data in a secure manner.
This kind of partnership, which impacts large masses are likely to increase the mass adoption of cryptocurrencies. The way the market keeps inclining towards the bears, it has become crucial to gain traction for the crypto coins; so that widespread usage of cryptos can fuel the market to a certain extent. Let us see how the VET coin’s price has reflated over the last 24 hours here.
VeChain Price Analysis
In the last 5 days, the VET/USD has mostly been holding a bullish bias. The price was slightly below the 50% fib level. And it went even deeper to find a support level. The support level happened to be at $0.0041, and from there, it tried to initiate a fresh rise.
For around 2 days, VeChain even consolidated around the 50% fib level before it hit the 5-day high price mark at $0.0051. However, after corrections, the price has declined from $0.0051 to $0.0048. Right now, the VET coin holds pretty much bearish bias.
The currency is still above all the moving averages, especially the 200-day EMA. Simple moving averages seem bullish too, but the MACD indicator shows a strong bearish phase of the altcoin.