VeChain (VET) is one of the popular Layer 1 blockchains that offers enterprise-grade smart contract solutions. VeChain is aimed to harness the power of blockchain to revolutionize traditional industries. Its work in digitizing the logistic and supply industry has been a great use case of blockchain technology.
VET is the native cryptocurrency of the VeChainThor blockchain. It acts as a store of value and value transfer medium within the VeChain ecosystem. The price of VET has been declining since touching its all-time high price of $0.2782 in April 2021.
VET’s price is ready for an upward journey, and below are the points which affirm an upcoming boost in its price.
The price of VET has been laying on critical support since it touched the bottom price of $0.024 last month. It has quickly bounced back from the lowest level, but there was not enough momentum to break the downturn.
While there has been no significant movement in VET price for a while, the technical indicator shows a gradual increase in accumulation and buying volume. Furthermore, the price has been rebounded from the critical support and successfully broken the descending triangle. Moreover, the price has settled above the resistance level and is ready to break into an upward direction.
The accumulation and distribution have touched the highest level of accumulation. This indicator suggests that after a long period of accumulation, a distribution is imminent. The distribution phase is expected to give enough push and lead the price to $0.05 in the short term. The long term target of VET lies around its next high of $0.063, which is 109% from its current trading price of $0.03.
VeChain’s innovation has been disrupting the traditional business models. While the world is still doubtful about the real-world use case of blockchain technology, VeChain has already collaborated with many leading companies with different business models and revamped the entire process with increased efficiency, ease of tracking data, greater security, and tremendously reduced cost through automation through smart contracts. Its services related to creating a trustless, transparent and immutable ecosystem has been greatly benefited many enterprises.
Along with its notable work in the digitization of traditional business models, VeChain sets an example for other blockchains with its commitment to the highly sensitive issue of energy wastage and sustainability. According to the Centre Testing International Group (CTI) report, VeChain is one of the most eco-friendly public blockchains. VeChain has an incredibly small carbon footprint. It emits just 2.4% of the total emission of mining a single Bitcoin.
VeChain’s Toolchain, a blockchain-as-a-service(BAAS), enable business entities to harness blockchain technology to revamp their service/product model and achieve more transparency, security and ease of business.
Lately, VeChain has offered a generous amount of $30,000 to Terra Luna developers who are looking for a Layer 1 blockchain to migrate their project after the collapse of Terra.
With a current market cap of $86.71 billion, VeChain is an extremely undervalued gem that is expected to find its way into the top #20 cryptocurrencies by market value by the end of this year.
Considering VeChain’s future roadmap and existing progress in offering innovative solutions to enterprises in transforming their business model by leveraging blockchain technology, VET could be a profitable investment in the long term.
Disclaimer: Information provided in this article should not be taken as financial advise under any circumstances. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
Aurora has worked with a leading crypto news site as a Journalist. Aurora is working as Senior Journalist with Coinfea. She loves to travel in her free time.