- VeChain is creating the digital backbone for the fourth industrial revolution.
- The cryptocurrency dropped 46.7% in 30 days.
While the market remained calm yesterday, Ethereum and VeChain technical indicators pointed to a positive bias. Ethereum surpassed the 61.8% mark, and VeChain continued its bearish move.
VET has been in a negative trend since hitting a six-month high on November 9. As a consequence, the cryptocurrency dropped 46.7% in 30 days. Invalidated its long-term bullish trend.
Even after a down-channel breach, the bears held the $0.117 barrier. After five days of negative inclinations, VET established a symmetrical triangle on its 4-hour chart. The alt traded at $0.09135.
Significant Bearish Momentum
Since mid-November, VET’s 4-hour RSI has failed to cross the midline, indicating a significant bearish effect. It was also southward and showed no signs of resurrection. The DMI lines also reinforced the bearish tilt. Famous crypto analysts Michael van de Poppe also tweeted about VET on an important support level.
$VET is on an important support here. pic.twitter.com/Okp14DqaZ9
— Michaël van de Poppe (@CryptoMichNL) December 12, 2021
VeChain is creating the digital backbone for the fourth industrial revolution, which requires real-time and trustless data exchange among multiple parties.
VeChainThor employs two tokens, VET and VTHO, to manage and produce value. VET creates VTHO and operates as value storage and transfer medium. VTHO is used to pay for GAS, eliminating writing data using VET. This has the advantage of stabilizing network costs by adjusting factors like the quantity of VTHO needed to serve a transaction or boosting the VTHO generation rate. Such acts need a unanimous community vote.
VeChain has dramatically increased efficiency, traceability, and transparency across data trails, supply chains, and unique ecosystems like those in San Marino addressing UN SDGs. According to CoinMarketCap, the VeChain price today is $0.085408 USD with a 24-hour trading volume of $235,164,761 USD. VeChain is up 2.94% in the last 24 hours.
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