Vechain prepares for another correction after the fueling 600% three-month rally is coming to exhaustion. The Thor technology proves to be able to solve real-world problems in a wide range of industries but the technical indicators show that VET is ready for a price correction as we read in today’s Vechain VET news.
Vechain could soon become the sole beneficiary of the “Coinbase Effect” as the American-based exchange considers listing the token on the platform. However, a few technical indexes suggest that VeChain prepares for a correction. If validated, the blockchain-based supply chain management token could even reach $0.007 and $0.006. The asset is trending up as the utility token continues expanding across different sectors but different indicators spell trouble.
Blockchain-based supply chain management token Vechain had quite an impressive rally in the last three months. After the March market meltdown, the price of the asset entered a bull trend which set the token price to an increase of 600%. VET went from trading at a low of $0.0015 to a new yearly high of $0.0106. The strong buying pressure behind the altcoin seems to be fueled by the expansion of the many use-cases of the asset throughout a wide range of industries. Walmart in China started developing a food traceability platform by Vechain Thor as well as Bayer, one of the biggest pharmaceutical companies also announced that it would start using the technology.
Germany’s Federal Office recognized the strides that VeChain foundation made especially in Information Security. The federal agency said that Vechain’s traceability solution will ease up the supply chain management by making it quite efficient and cost-effective:
“Similar to Ethereum, VeChain is a mixture of basic technology and digital currency. The VeChain blockchain is intended to store information about certain products. Unlike OriginTrail, VeChain is significantly more capitalized and supported by a variety of large companies. The investigation of VeChain and OriginTrail covers the application field of Supply Chain Management.”
Prominent companies and government agencies also want to give Vechain a vote of confidence. At the same time, Coinbase announced that it might add support for VET as the San Francisco-based crypto exchange is considering the addition of the altcoin to its retail platform. VET could enjoy more gains upon listing by becoming another beneficiary of the “Coinbase Effect.” However, technical indicators suggest that VET is overdue for a steep correction.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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