The cryptocurrency market is losing its value this trading week, Bitcoin is trading around $50000 support, and for now, everything indicates that the price could fall even more. VeChain (VET) price has weakened below the $0.13 level this Friday, but the main trend of this cryptocurrency still remains bullish.
Fundamental analysis: Salesforce’s integration could help boost VET utility exponentially
VeChain is a blockchain platform designed to enhance supply chain management and business processes. Vechain can track enormous data through a trust-free business ecosystem, and it does not face problems with delayed data transmission.
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VeChain derives its value from activities created by members, and it is important to say that it has the best features from both the DeFi and CeFi sectors. The liquidity of this coin has risen dramatically, and the price of Vechain (VET) advanced above $0.27 this April.
Salesforce’s decision to tests the VeChain blockchain sent this cryptocurrency to record highs while the CEO of VeChain, said that Salesforce’s integration could help boost VET utility exponentially.
“Salesforce has started to make the first trial on the VeChainThor public blockchain. Given their expertise and industry know-how in different areas, they could build thousands of applications in the future on top of the VeChainThor public blockchain,” said Sunny Lu, CEO at VeChain.
In the period from November 2020 – January 2021 – VeChain announced a partnership with Grant Thornton Cyprus and Blockchain for Trade & Connectivity Network. VeChain will providie technical and infrastructural support for these organizations, and the positive information is that VeChain received the world’s first 5-Star-Rated Blockchain Service Certificate based on its premium technology.
The cryptocurrency market is losing its value this Friday, the price of VeChain can weaken even more in the upcoming weeks, and maybe it is not the best moment to invest in this cryptocurrency.
Technical analysis: For now, there is no risk of the bear market
VeChain price extended its correction from the record highs above $0.27, registered on 17th April, but for now, there is no risk of the bear market. It is also important to mention that the price of VeChain is correlated with the price of Bitcoin, and investors in this cryptocurrency should also have Bitcoin on their “watch list.”
VeChain (VET) is currently trading around $0.20 level, but if the price jumps again above $0.25 resistance, it would be a signal to buy VeChain (VET). The next price target could be around $0.27 or even $0.30; still, if the price falls again below $0.15 support, it would be a strong “sell” signal.
Summary
VeChain (VET) price has weakened below the $0.13 level this Friday, and maybe it is not the best moment to invest in this cryptocurrency. For now, there is no risk of the bear market, but if the price falls again below $0.15 support, it would be a strong “sell” signal.
