VeChain/USD: Analysis

VeChain is the one of the earliest block chain technology companies in the world established in 2015 in Singapore. It is a block chain plat form that focuses on financial services,supply chain management and smart contract. VeChain is also used in various industries such as luxury goods, liquor and agriculture. It focuses on improving management process of supply chain.

VeChain Thor –Consensus mechanism of coin – Proof of Authority. 

The algorithm is similar to POS and slight difference is that all nodes on the network are approved and validated by a trusted central party.

VeChain has already re branded to VeChain Thor and it uses two different tokens

VeChain Tokens (VET)

Thor Power (THOR)

News Update:

The major events happened in past two months

1.Release of White paper

2.VeChain test net released to the public on Jun 14th

3.VeChain foundation has officially announced in twitter stating that they have acquired a crucial partner for the infrastructure of VeChain Thor.

4.VeChain Thor platform was officially launched on Jun 30 with first block produced on the same day at 00:00:09 UTC (migration from Ethereum to VeChain own Mainnet).

5.VeChain Thor block chain has announced that it would be teaming up with the global car company BMW .

Technically, VeChain/USD is trading slightly higher after hitting low of $2.19. The pair jumped till $2.89and is currently trading around $2.65. On the higher side, near term resistance is around $3 ( trend line resistance) and any break above will take the pair to next level till $3.55 (100- day MA)/$4 (200- day MA). Any major trend reversal only above $4.40.

The near term support is around $2 and any break below will drag the pair to next level till $1/$0.85.

It is good to buy on dips around $2.35-40 with SL around $2 for the TP of $4.


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