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Information about VeChain (VET)
VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flows for complex supply chains through “distributed ledger” technology. The Vechain platform has VeChain Token (VET) and VeChainThor Energy (VTHO) tokens. VET is used to transfer value across VeChain’sVeChain’s network.
Precisely, the platform can track the quality, authenticity, storage temperature, means of transport, and final distribution of a product right from the manufacturing facility to deliver the last row to the end customer.
VeChain initially issued tokens (VEN) on Ethereum before releasing its platform in 2018. With this new platform, it was renamed VeChainThor (VET). VET is the payment used in VeChain’s system. The more VET an individual or business holds, the higher the priority when using the blockchain’s resources.
VET can also create a second token, called VeThor, or Thor Power (VTHO), to access supply chain technology. So, a company that wants to use VeChain’sVeChain’s tracking feature for their supply chain has to pay VTHO to add the information to the blockchain.
News
VeChain (VET) signals bullish growth with both mid-term and long-term targets for 2025. The monthly chart displays a classic Cup & Handle pattern, commonly linked to an upward trend. This pattern typically suggests an upcoming breakout. Currently, VeChain is priced around 0.05074 USD, with mid-term targets set at 0.11300 USD and 0.16515 USD.
The social prominence of VET has been increasing, indicating rising interest from investors and traders. Aligning with the Cup & Handle breakout pattern, this elevated social interest can lead to price rallies. The Greed & Fear Index is showing a neutral to slightly greedy sentiment, indicating a stable market environment supportive of growth for VET.
Open Interest in VET has seen consistent growth, indicating heightened engagement from both retail and institutional investors. This aligns with the potential upward trend indicated by the Cup & Handle formation. However, traders should remain cautious if Open Interest rises while prices stagnate, as it may signal speculative activity that could lead to corrections.
VeChain’s price surged by 10.4%, now trading at 0.05218 USD after weeks of consolidation. This breakout indicates positive momentum, with resistance expected near 0.057 USD, paving the way for potential future gains.
Open interest has increased to 88.23 million USD, displaying growing trader confidence. Coupled with a Relative Strength Index (RSI) of 51.19, this suggests potential for continued growth without nearing overbought levels.
VeChain’s U.S. Patent approval represents a critical advancement in secure data handling via a new Key Management System. This system enhances enterprise applications and is expected to significantly impact VET’s growth trajectory in the cryptocurrency market.
Analysts project VET to increase 260% by 2025, with CoinCodex predicting a maximum price of 0.208 USD in April 2025. VET is likely to remain above 0.10 USD for several months, positioning itself as a leading crypto contender.
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