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VeChain is ready for a big bull market



VeChain is on the verge of a bullish breakout after rising above major resistance. The VET token is trading at $ 0.1703, which is slightly above the key resistance level of $ 0.1577. That price is about 200% higher than the July low.

How the blockchain works

VeChain is a blockchain project operated out of Singapore. The platform was founded by a former executive from LVMH - the largest luxury goods company in the world.

VeChain uses a technology known as VeChainThor. This enables companies to better manage their supply chains. Thor is the operating system of the network. In the real world, VeChain gives physical products a unique identifier using radio frequency identification. The data collected by sensors is then transmitted using blockchain technology.

Today the network is used by several companies, including LVMH and Walmart, to simplify their deliveries. It is also used by non-governmental organizations as well as other market participants to simplify their supply chains. At the same time, the developers are opening up their ecosystem for companies to develop the so-called Enterprise Non-Fungible Tokens (NFT).

VeChain was once one of the most popular cryptocurrencies of the world. This trend was evidenced by its parabolic rally and the fact that it is one of the most wanted coins on Google. Its popularity declined as cryptocurrencies crashed and China took action against crypto. So let's take a look at what to expect in the near future.

On the daily chart, we can see that the VET token rose to an all-time high of $ 0.2787 in May of this year. That was noteworthy as that price was more than 2,300% above its January low.

VeChain's price then plummeted during the crypto decline this May. However, since July the coin has managed to recover. It then encountered strong resistance at $ 0.1577. At the weekend, VET finally managed to move beyond this resistance.

At the same time, the coin has risen above the 25-day volume weighted moving average. Therefore, VET's price will remain in an uptrend as the bulls target the all-time high of $ 0.2800, which is about 65% above current levels.

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