VeChain (VETUSDT) - Coin of the Week
VeChain (VET) is a supply chain platform based on blockchain technology. VeChain was founded in 2015 and debuted in June 2016. Its goal is to establish an ecosystem that uses distributed governance and Internet of Things (IoT) technologies to tackle some of the most pressing supply chain management issues.
The platform manages and creates value using two in-house currencies, VET and VTHO, which are based on the VeChainThor public blockchain. The goal is to improve supply chain efficiency, traceability, and transparency while lowering costs and giving individual users greater control.
Technically, this pair follows the price structure of the big market cap cryptocurrencies. We had an uptrend that reached a price at the top of 0,28 USDT followed by a brutal market correction. If we go to the 4h timeframe we can see the price trading between the resistance and support area. Even if the price goes to the upside and reaches the resistance area once again, if we don’t have a true breakout of the blue trendline marked on the chart, the high probability move is a reversal and continuation to the downside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
The platform manages and creates value using two in-house currencies, VET and VTHO, which are based on the VeChainThor public blockchain. The goal is to improve supply chain efficiency, traceability, and transparency while lowering costs and giving individual users greater control.
Technically, this pair follows the price structure of the big market cap cryptocurrencies. We had an uptrend that reached a price at the top of 0,28 USDT followed by a brutal market correction. If we go to the 4h timeframe we can see the price trading between the resistance and support area. Even if the price goes to the upside and reaches the resistance area once again, if we don’t have a true breakout of the blue trendline marked on the chart, the high probability move is a reversal and continuation to the downside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
