For today’s Insider analysis, VeChain (VET) managed to get the most votes in the Crypto-Insiders premium environment. In this article, we first take a brief look at what VeChain is. We then examine recent developments within the VeChain ecosystem and look at what we can expect from the project. It is also important to analyze what the sentiment is in the market. Finally, a technical analysis on FP was also carried out.
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What is VeChain?
VeChain is a very extensive smart contract platform and has been created with the aim of verifying the authenticity of (luxury) products. Sometimes it can happen that certain products are so well copied that they are almost indistinguishable from the original. Today, VeChain technology is used in many different sectors, including luxury goods, agriculture, medicine, food, logistics, and finally government. What makes VeChain unique and usable is that they have found a transparent way through smart contracts to exchange data between different parties without the need for trust.
One of the most recent developments within the VeChain ecosystem is the VeChain stable coin launch, or VeUSD. VeChain itself indicates that this step fits well within the growth phase they are currently in. This will also help a lot with ‘real world’ adoption and applicability. This stablecoin is actually backed by a physical reserve that is held. As a result, the stablecoin will always retain its value and can always be redeemed 1:1.
Furthermore, VeChain has launched another socially responsible project. This project is named VeCarbon† With this project they want to ensure that companies, especially those in the food sector, can anticipate and adapt their strategy more quickly when new laws and regulations on carbon emissions are introduced. VeChain thus contributes to reducing carbon emissions and also helps companies to change quickly.
In the premium environment of Crypto-Insiders we try to keep you updated on these projects and projects of other cryptocurrencies. Look here For more information.
What else can we expect from the FP?
unfortunately there is no official roadmap both for VeChain and for other projects in this ecosystem. As the project itself indicates, they do their best to make their project the best it can be. The goal of the VeChain team is to expand its current services. They don’t need a roadmap or certain deadlines for this.
So what we can expect from VeChain in the future is a stronger project around VET, new developments in the VeCarbon project. They may claim that emissions will go down.
Still, we can expect a few things from VeChain Stablecoin VeUSD. They themselves indicate that they also use this stablecoin for decentralized finance (DeFi) applications that are similar to the applications offered by Ethereum (ETH), but VeChain applications are better according to their own words. The introduction of the stablecoin will lead to many new developments within the ecosystem. We are very attentive to this!
Market sentiment and adoption
The graph below shows that the search volume for VET has sadly dropped dramatically in recent months. Of course, this is not surprising since the entire market is falling. What is striking is that the search volume also decreases when the price of the FP decreases. During certain spikes, we also see search volume increase again.
Furthermore, 81% of those surveyed in the last 24 hours indicate through a survey on CoinMarketCap that they believe that VET is a good project. This shows that the sentiment around the coin is still very positive.
VET has been very affected in the last 24 hours. During this period, the coin fell by around 7%. We have also seen a decrease in the last seven days. VET is down 16% in the last seven days. At the time of this writing, VET is ranked 41st by market value. The chart below shows that PF is in a significant downward trend. This image corresponds to other currencies that we have covered in this section.
The RSI shows that one peak is higher than the next peak, indicated by the light yellow trend line. However, we see a lower peak forming in the price. This means there is a bearish divergence is formed. This may indicate downward price action. The technical picture does not look positive at the moment.
How do I determine the right time to buy?
Considering taking a VET position but not sure when is the best time to do so? Ask an experienced analyst in our premium chat group! Here, multiple analysts daily share additional technical analysis that digs deeper into the price. Here you can easily get in touch with several experienced crypto analysts and trainers, they will be happy to help you make an informed decision.