VeChain is an anti-fraud technology suitable for supply chain management. It allows tracking from manufacturing to delivery and alerts you if the system finds any mistake. From the consumers’ point of view, it also allows them to verify their purchases.
At the very beginning, it helps to determine if a product is fake or not; after that, it is also used as a fraud prevention technology in major corporations.
Sunny Lu founded VeChain in 2015. He has expertise in luxury goods. Through Vechain, he aims to combine his expertise with blockchain technology, which can thrive in supply chain management.
There are many other blockchains that work in different fields, but Vechain specializes in supply chain management, and it is specially designed for the movement of services and goods.
It is interesting to note that the Vechain has two token systems VET & VTHO. One token funds the project, and the other token powers blockchain technology.
It has secured a national-level partnership with China for making smart cities. Besides that, the members of PwC promote its blockchain technology. That means it has a great future.
Back in 2018, it did not own a platform; VeChain initially issued tokens on the Ethereum platform. The new platform has been rebranded as VeChain Thor (VET).
Other blockchain projects can launch their new projects on the VeChain System. In this way, it has developed itself from a supply chain to dApps.
Indeed, the future of this platform is bright. Let’s analyze the price of VeChain.
At the time of writing this post, the price was $0.064, which is around its support level. In the last couple of days, it has taken a bullish turn.
On the daily chart, the MACD is bullish, and the RSI is stable at 55. The Bollinger Band also suggests bullishness as two last candlesticks are formed in the upper half.
The increase in trading volumes is also a reason for the bullishness. However, $0.070 is the initial resistance level of the token, and if it breaks the level, $0.11 should be the next resistance level. It means the token could give you a better return in the short term. Click here to get a detailed VET price prediction.
It is the right time to buy this coin both for the long and short term. $0.052 will work as a strong support level. Please maintain a stop loss below the support level if you want to invest.
For long-term investors, it is the right moment to invest some money and earn benefits in the future.
