- VeChain is a blockchain platform focused on enterprises.
- The altcoin saw a crucial resistance around $0.1420.
- The coin has chances to bounce back in the short term.
VeChain (VET/USD) has had pressure over the recent sessions as the crypto rally appears to pause. For now, VET’s price stands at $0.1163, a level beneath its weekly high at $0.1420. Meanwhile, the altcoin has an overall market cap of over $7.5 billion.
VET Rally Pauses
VeChain blockchain aims to serve enterprise customers. The platform helps firms in logistics, retail, finance, and agriculture solve their critical challenges. Some recognizable firms that embrace the VeChain platform as Walmart and BMW.
The platform’s activity appears to support the coin’s future. For instance, the developers revealed another vital user of the network this week. They announced that an Arizona agriculture firm Oatman Farms would utilize the VeChain network to upgrade its logistics. The agriculture company will use a VeChain product, StoryBird.
Oatman official Dan Hansen stated that the company adopted StoryBird to handle its organic and farm mixes. The technology differentiates and shows the farming practices, finished goods, and ingredients with transparency, flair, and clarity.
Like other alternative coins, VeChain has registered lucrative moves since it claimed reliable support near $0.5730. The token has climbed by over 105% from the March lows. The bullish moves came as the leading cryptocurrency, Bitcoin, registered value gains. BTC enjoyed recoveries past $48,000 after dropping beneath $30,000 in July sessions.
Most alts have surged recently. For instance, Cardano managed to recover its June and May losses. Also, Binance Coin and Ethereum had their valuations increasing as the market crossed over $2 trillion.
According to the daily price chart, VET’s price rises towards the critical resistance zone at $0.1420. Keep in mind that this was the coin’s highest mark on 3 July. VET also moved over the 25 –d and 50-d WMA (weighted moving averages). The RSI moves away from the overbought territory.
With the current condition, VeChain (VET) might bounce back in the coming sessions as investors aim to overcome the resistance zone at $0.25. Meanwhile, plunges beneath $0.093 will nullify this narrative.
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