VeChain (VET) is one of the leading enterprise blockchain platforms that aims to provide solutions for various industries such as supply chain, logistics, healthcare, and sustainability. VET is the native token of the VeChainThor blockchain, which is used to pay for transactions and smart contracts execution.
VET holders also generate VeThor (VTHO) tokens, which are used as gas fees for network operations. In this article, we will examine the current price and news of VeChain and provide some insights into its future prospects.
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VET Crypto Price Analysis
VET is currently ranked as the 40th largest cryptocurrency by market capitalization, with a value of $1.18 billion. It has a circulating supply of 72.71 billion tokens and a maximum supply of 86.71 billion tokens. The 24-hour trading volume of VET is $23.31 million, which is higher than the average volume of $20 million in the past week.
It has printed small cup and handle shape on 1D time frame, the breakout will put further confirmation.
VET News Roundup: Coinbase Listing, US Patent Approval, and Logistics Partnership
The main catalyst for the recent surge in VET price was the announcement by Coinbase Assets, a division of Coinbase that manages the listing process for new cryptocurrencies on the exchange. Coinbase is one of the largest and most reputable cryptocurrency exchanges in the world, with over 68 million verified users.
Another positive news for VeChain was the approval of its patent application by the US Patent and Trademark Office (USPTO) . The patent, titled “Methods, Devices, Blockchain Nodes and Systems for Uploading Data to Blockchain Networks”, describes a way to improve data integrity and security in the logistics industry using blockchain technology and Internet of Things (IoT) devices. The patent could enable VeChain to tap into the billion-dollar logistics market and provide solutions for various use cases such as product traceability, quality assurance, anti-counterfeiting, and carbon emission reduction.
Furthermore, VeChain also announced a new partnership with DB Schenker, one of the world’s leading logistics service providers. The partnership aims to leverage VeChain’s blockchain technology to enhance DB Schenker’s digital transformation and innovation strategy. The two parties will collaborate on developing blockchain-based solutions for various logistics scenarios such as cross-border transportation, warehousing, distribution, and last-mile delivery.
VET Price Prediction: Can VET Maintain Its Bullish Momentum?
VET has been following an ascending channel pattern since September 23, when it broke above the $0.016 resistance level4. This indicates an uptrend that is characterized by higher highs and higher lows. The channel’s resistance and support lines can be drawn by connecting the swing highs and lows on the daily chart.
VET is currently trading near the upper boundary of the channel, which could act as a strong resistance level. If VET can break above this level and sustain its bullish momentum, it could signal a continuation of the uptrend and a potential rally towards higher price levels.
However, if VET fails to break above the channel’s resistance line and retraces back towards the lower boundary of the channel, it could indicate a correction or a reversal of the uptrend. The next support levels to watch are $0.017 (the high of September 25) and $0.016 (the low of September 28).
The relative strength index (RSI), which measures the momentum and strength of price movements, is currently at 66.67 on the daily chart, indicating a bullish sentiment. However, if the RSI can rise above 70 and enter the overbought zone, it could suggest an overextension of the bullish momentum and a possible pullback for VET.
Conclusion: VET Remains a Promising Enterprise Blockchain Project
VeChain is one of the most promising enterprise blockchain projects in the market, offering solutions for various industries such as supply chain, logistics, healthcare, and sustainability. VET is the native token of the VeChainThor blockchain, which is used to pay for transactions and smart contracts execution. VET holders also generate VeThor (VTHO) tokens, which are used as gas fees for network operations.
VET remains a promising enterprise blockchain project that has a lot of potential to grow and succeed in the future. However, VET also faces some risks and uncertainties that could affect its price and performance. Therefore, investors and traders should always do their own research and analysis before making any investment decisions regarding VET or any other cryptocurrency.
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