VeChain Price Prediction as VET Recovery Gains Steam
- VeChain price has made a strong recovery in the past few weeks.
- VeChain recently partnered with Amazon Web Services for its VeCarbon product.
VeChain price continued its recovery as investors reacted to the recent partnership between the developer and Amazon. VET, the platform's native coin, rose to $0.031, which was the highest level since June 10th of this year. It has risen by more than 55% from its lowest level this year.
VeChain is a leading blockchain company that seeks to change how companies handle their supply chains and other business processes in an easy way. The network was created on top of the VeChainThor public blockchain.
VeChainThor is a platform that uses a Proof-of-Authority (PoA) consensus algorithm, which demands that nodes are authorized in order to participate in the blockchain consensus. Once authorized, these nodes are given equal chances to publish new blocks and gain rewards.
VeChain has been embraced by several companies, especially in China that use it to solve their logistics challenges. Some of the notable firms that use VeChain are BMW, Walmart, and Bayer.
VeChain's blockchain has also been embraced by developers seeking to build their own blockchain solutions. Some of the top applications created in VeChain are Bored Flamingo, VFox, Wall of Vame, and Metatun Game among others. However, unlike Ethereum, most of apps created in VeChain are relatively small.
VeChain's developers have been ramping up their partnerships in the past few months. For example, in June, it became the official partner of UFC, the martial arts company in the United States.
And this week, VeChain teamed with Amazon Web Services to support its VeCarbon platform. The product will enable companies to get more data on their carbon footprint.
Launched in 2021, VeCarbon focuses on building carbon-neutral infrastructure using blockchain technology and providing trusted carbon emission MRV solutions.
VeChain price prediction
The four-hour chart shows that the VET price has been in a strong bullish trend in the past few weeks. This recovery saw it rise above the important resistance level at $0.0275, which was the highest level on June 19th.
VeChain price has managed to move above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index (RSI) has moved close to its overbought level.
Therefore, at this stage, the outlook for the coin is bullish, with the next key resistance level being at $0.035. A drop below the support at $0.027 will invalidate the bullish view.