Blockchains are revolutionary and following the overwhelming success of the pioneering platform in Bitcoin, enterprises are interested. With prospects of transparency, efficacy, and speed, VeChain is stepping up to fill this gap. Their aim, however, is to present a platform to enterprises from where they can launch decentralized dApps in line with their vision-mission statement of, “building a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.”
To that end, powering VeChain and drawing value to their native coin, VET, are partners. Perfectly designed to scale while remaining trustless, decentralized and secure, VeChain studied other platforms before rolling out a network that is compliant to existing regulations, has a sustainable economic and governance model. The VeChain foundation oversees governance and is an NGO based in Singapore. Voting is weighted according to VET holdings and those with over one million VET and verified have a voting authority of 30 percent.
So attractive is the platform that VeChain has vital corporations as partners. Some of them include PWC, Deloitte and recently BMW. However, there is a divergence between these high-level partners and price. As such, analysts are of the view that VET is grossly undervalued and on the cusp of recovering, a year after that cataclysmic drop of mid-May 2018.
Priming the next rally are important events over the last few months. Cupid’s Farm Milk is using VeChain enabling their customers to track the company’s dairy products. In late May, CEO Sunny Lu held discussion with Italy’s Premier and a use case within the European country could be on the cards. That’s aside from SCB Bank’s praise and the migration of some of the big four Audit firms to the network.
VET/USD Price Analysis
Perched at 31st in the liquidity leaderboard, VET is trading at $0.007, 7.7 percent lower from last week’s close with a market cap of $390 million. However, fundamental factors are supportive of prices and following last year’s draw down, the path of least resistance is upward.
It is easy to see why. Note that after week ending May 19th, prices edged lower following the immense sell pressure of the week prior as sellers pressed lower as the week closed with a long upper wick. Since prices are largely consolidating within a $0.005 trade range with caps at $0.009 and floors at $0.004, every low should technically be a buying opportunity.
Ideally, any close above $0.009 ought to be with high trading volumes exceeding participation levels of the week ending Mar 17th of 63 million. Such a move will confirm gains of Q1 2018 and set in motion the next wave of higher highs that will place VET at $0.0134 and later $0.020.
Disclaimer: Views and opinions expressed are those of the author and is NOT INVESTMENT ADVICE. Trading of any form involves risk and so do your due diligence before making a trading decision.
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