The VeChain price is little changed on Thursday as investors wait for more information on US inflation. VET is trading at $0.1277, which is slightly below this week’s high of $0.1400 and 112% above last week’s low of $0.06. It has a market capitalization of more than $8.4 billion and is the 20th biggest cryptocurrency in the world.
VeChain – Blockchain for Enterprises
VeChain is a fast-growing blockchain project that focuses on enterprises. Its goal is to streamline the complex world of supply chain management through the distributed ledger technology. Companies using the platform use a product known as Toolchain to come up with their products.
VET is the native token for the VeChain network. It is used to conduct financial transactions in the VeChainThor Blockchain. On the other hand, VeThor Token, also known as VTHO is the energy token that is used to power transactions in the VeChainThor network.
In general, VeChain has many use cases for companies. It is currently being used by many large companies in China like BMW and Walmart. At the same time, the use case is evolving, with the developers targeting what is known as enterprise non-fungible tokens (NFT). Recently, they announced a $1 million grant for developers who will build these products.
Like most altcoins, the VeChain price has been in a strong upward trend in the past few months. This changed last week when the price nosedived as part of the general sell-off of cryptocurrencies. The price nosedived to the lowest level in more than three months. This week, however, the price has bounced back. Let us see whether VET is a good buy now.
VeChain price prediction
A closer look at the four-hour chart shows a close resemblance between Bitcoin and VeChain prices. We see that they both declined sharply last week and have recovered this week. We also see that the currency has formed what looks like an inverted head and shoulders pattern and crossed the 23.6% retracement level. It has also moved above the 25-day and 50-day exponential moving average and formed what looks like a bullish pennant pattern.
Therefore, in my view, while it is still too early to tell, I predict that the VET price will soon bounce back. If this happens, the next key level to watch will be the 50% retracement level at $1.700, which is 32% above the current level.