VeChain was officially launched in 2016 and was founded by Sunny Lu, an IT executive who was formerly the CIO of Louis Vuitton China.
The creation of VeChain (VET) continues to draw the attention of investors and crypto analysts to the capabilities of ‘blockchain’ technology which is seen to be able to solve any problem transparently and more efficiently.
This is because VeChain was established with the aim of solving some key problems with more inclusive supply chain management to improve the efficiency, tracking and transparency of the supply chain while reducing costs.
Looking at the VET/USDT chart, the price movement has jumped more than 2,700% since the end of December 2020 and with the jump, the VET price continues to record an all -time high (ATH) at the price level of $ 0.28 in mid -April 2021.
But the increase did not last long when the VET price again showed a downward trend in line with the decline in the value of Bitcoin.
With that factor, VET prices continued to plummet to re -test the support level around the $ 0.08 price before making a slight jump in this week’s trade above the $ 0.10 price level.
From a technical point of view, it seems that on the daily chart can be seen the VET price as if it is signaling to make a trend change.
Confidence to return to the rally was supported by the formation of a ‘bullish engulfing’ pattern that occurred in May 30 trading and continued to be supported in May 31 trading for confirmation of higher upside expectations.
The next expectation is that if the VET price manages to maintain the uptrend, the SBR (support become resistance) zone around the $ 0.13- $ 0.14 price will be tested first before making a higher rise.
The next target around the SBR zone of $ 0.17- $ 0.18 will be the main target for investors to test if the VET price manages to break the SBR level of $ 0.13- $ 0.14 first before the expectation for the VET price to re-test the previously recorded ATH level of $ 0.28.
On the other hand, if the VET price fails to continue its uptrend, the $ 0.08 support level will be tested again and it will be assessed whether the support zone is able to make a rise again or continue to make a decline to a lower price level.
As of 11.00 am local time, the VET price is down slightly over 2% to trade around $ 0.12.
