VeChain Price Analysis: How is VeChain Doing After the Launch of VeChain Thor (THOR) Blockchain and Recent Partnerships?

Etablished in Singapore in the year 2015, VeChain is one of the first blockchain companies in the world. Unlike many other platforms, VeChain focuses on supply chain management, financial services, and smart contracts. However, it is also used in other industries like agriculture, luxury goods and liquor production industries. It tries to perfect the supply chain in this industries. The company is in control of two cryptocurrencies, VeChain (THOR), and VeChain Tokens (VET)

VeChain Lauches VeChain (THOR)

Recently, VeChain announced on Twitter that they have made a crucial partner for the Thor infrastructure. The VeChain (THOR) was launched on the 30th of June. The first block was also produced around 00:00:09 on the same day. The company also announced that it would be entering into partnership with BMW. After the announcements the VeChain to USD trading pair moved up a little after hitting a $2.19 low. It moved to the $2.89 level but later fell to $2.65. This is the point it was in at the time of writing.

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VeChain (VET) Price Today / USD

Name Price24H (%)
Bitcoin (BTC)
$7,714.62
2.73%
VeChain (VEN)
$1.84
1.69%

Upside, the coin is trading near the $3 resistance and if it manages to break above this level, it will gather momentum and move to $3.55 and even $4. The next major trend reversal will only take place if the price moves above the $4.40 level. Short-term, the support is at the $2 level downside. If the price breaks below this level, it may fall all the way to $1 and even $0.85.

The website, CheapHotAlts encourages traders to buy when the price dips to the $2.35 to $2.40 level with a target of $4. The next few sessions of trading are crucial to the short-term price action of the cryptocurrency. It’s always a good idea not to invest all the capital you have set aside in one coin. Diversifying your portfolio allows you to minimize the risks. But always make sure you’re trading with money you can do without.


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