Vechain Recent Development Pushes the VET Price by 30% Suggesting an Uptrend

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Vechain Recent Development Pushes the VET Price by 30% Suggesting an Uptrend
Vechain Recent Development Pushes the VET Price by 30% Suggesting an Uptrend

VeChain has made advances in the practical application of its blockchain. My story is one of those recent developments that suggest ways of using blockchain to solve specific problems. After the recent crash, VET prices appear to be rising, suggesting this trend will continue.

My story: Marketing Buzzwords Verification Through Vechain Blockchain

“My Story” is a blockchain-based solution that can help the company’s ecosystem turn “marketing buzzwords into real, verified stories”. As the name suggests, this assurance solution enables companies to tell their stories using distributed ledger technology and prove the authenticity of their products and services so that data can be securely stored without worrying about operations.

The content of the announcement is as follows:

“The solution used for My Story is based on a public, decentralized and distributed ledger provided by Vechain, a leading blockchain provider and DNV partner. It is implementable for companies, as it is an ecosystem that includes user management and connectivity options for IoT devices, for example, and it is a scalable and affordable enterprise solution.”

Despite its broad scope, “My Story” works with two companies to tell the story of Italian wines from grapes to bottles and to ensure the authenticity of fashion clothing.

Recently, the ReSea project also used VeChain’s blockchain to end the plasticity crisis in the ocean. The data collected by this community-driven solution is stored in the blockchain.

In addition, ReSea has been certified by VeChain partner DNV to demonstrate the progress of the program and the traceability of the entire collection process.

The VeChain Price Faces a Strong Resistance

VeChain’s price rose about 30% on May 24, announcing a surge in buyers. However, as profit accounting strengthened near the resistance level of $0.121, the rebound rate slowed, which coincided with the 100-day simple moving average (SMA).

Now the price of VeChain can drop 12% to the support level of $0.0984 and then rise higher or continue to rise from its current position ($0.110).

When the first situation occurs, buyers have more time to accumulate, which makes the uptrend more attractive. In this case, VET initially hits the cap of $0.121, which coincides with the 100-day moving average. Breaking this point of confluence shows that there is tremendous buying pressure that can help extend this uptrend to the utility space with prices between $0.127 and $0.142.

All in all, this step means an increase of 45%.

However, if the above retracement is not reflected, Vechain’s price may rise 26% to cap the upper bound of the resistance zone at $0.142.

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VET/USDT Daily chart. Source: TradingView

While VeChain’s rollout appears to be going well, things can go wrong if the price of VET falls below the $0.0825 support level. Such a move would invalidate the bullish argument described above and trigger a 13% decline to the 200-day moving average at a price of $0.0720.