VeChain
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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
Dana White has officially joined VeChain’s advisory board, aiming to boost blockchain technology awareness. Alongside Nobel Prize-winning physicist Konstantin Novoselov, White intends to promote VeChain’s brand and efforts, particularly focusing on projects that offer eco-friendly rewards like the VeBetterDAO.
VeChain and UFC have previously collaborated by integrating chips into fighter gloves, ensuring authenticity through blockchain technology. This partnership aims to demonstrate blockchain’s real-world usability while enhancing tracking and verification for products, with future collaborations expected.
VeChain (VET) has seen a price increase after breaking above a falling wedge pattern, indicating bullish signals. The announcement of VET’s listing on Bybit enhances its market presence, potentially elevating the price to 0.027 USD.
With the Relative Strength Index (RSI) positioned at 51 and a bullish MACD crossover, the outlook for VET remains optimistic. However, a decline below 0.020 USD would threaten this bullish scenario, suggesting a need for caution.
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.
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