Why It’s Worth Keeping an Eye on VeChain (VET)
Aiswarya Gopan • 2 min read
On Thursday, VeChain (VET) is turning into one of the biggest gainers in a bullish crypto market, up by over 10% in the past 24 hours, rising correspondingly with an uptick in trading volume after its mainnet reached the milestone of 10,000,000 blocks without experiencing downtime. At the time of writing, VET/USD is trading around $0.138.
The VeChain Foundation made this announcement during the previous session, adding that this achievement is a reflection of the network’s scalability, security and superior stability. In addition, the Singapore-based entity also shared an update about several upcoming developments that can further improve the public blockchain soon, including updates to its infrastructure, more partnerships and use cases as well as community dApps, all of which will propel further growth soon.
Through the month of August, VeChain registered a gain of around 40%, supported by the return of the bullish mood among investors towards the wider crypto sector. The blockchain designed at bringing higher levels of efficiency within supply chains aims to onboard more businesses towards adopting its technology and has already partnered with several leading businesses, such as Walmart, PwC, Renault and more.
Last week, the blockchain rolled out a new service to allow businesses to improve their carbon footprint reporting processes with the power of its technology. The Digital Carbon Footprint SaaS Service will allow organizations to log their data on carbon emissions transparently and integrate it with third-party assurance providers that have partnered with VeChain, lending sustainability practices a much needed boost.
Popular crypto analyst Justin Bennett has shared a bullish forecast for VeChain, suggesting a close positive correlation between VET and Cardano’s ADA, which has also been climbing higher lately. He also expects the cryptocurrency to outperform ADA in the coming weeks.
Key Levels to Watch
On the 4-hour chart of VET/USD, we find a strong bullish bias being exhibited by moving averages and leading technical indicators MACD and momentum. VeChain’s price is holding above the pivot point and buyers have managed to break past the first resistance level at $0.136 as well.
The continuation of the uptrend can see buyers test resistance at $0.149 next and a break above it can take VET higher until resistance at $0.173 soon.