VeChain Foundation made a smart move when it partnered with the Chinese government. The partnership will benefit the crypto firm since China is the largest market for digital currencies. The knowledge of the Chinese laws regarding the foreign industries is an advantage as it is worthwhile to be on the side of the government. VeChain Foundation has provided a safe environment for investors to trade VET tokens. Besides, the price of the cryptocurrency is expected to bounce back soon.
VeChain News Today – VeChain Price Prediction – VeChain News Update- VeChain Provides Blockchain-based LNG Solution
One of the largest energy providers in China’s power sector, ENN Energy Holdings Limited has joined VeChainThor Blockchain. The major goal of the company for using the blockchain technology is supply chain management and the maintenance of optimal quality control. This energy provider supply natural gas to 187 Chinese cities with a population of 94.57 million.
VeChain (VET) Price Today – VET / USD
In a similar development, the state-owned Shanghai Gas signed a strategic cooperation agreement with VeChain to create a blockchain-based LNG solution. Shanghai Gas supplies over 90% of Shanghai’s total gas consumption. VeChain has been working with both Shanghai Gas and ENN Energy Holdings Limited since 2018 to build a blockchain-based liquefied natural gas, LNG, solution.
The blockchain technology facilitates the accurate collection of data for ENN’s supply chain. It also simplifies the process of product evaluation since ENN imports natural gas from various locations worldwide. Besides ensuring transparency, blockchain technology improves efficiency and safety in the supply chain.
Apart from tracing the supply of natural gas, ENN has other plans for using VeChainThor Blockchain. The energy giant plans to expand to related fields such as renewable energy, thermal energy, electricity and more. VeChain has continued to provide an effective tool for companies onboard its blockchain.
VeChain Price Analysis – VET Token Dips Against The USD
On July 26, VeChain price was down 29.3% from 0.00812382 USD, the token’s price on July 1. The decline occurred within 25 days. Similarly, the crypto asset which traded at 0.00595714 USD on July 20 had slightly declined by 3.49%. The VeChain price has stabilized in the past couple of days. However, after opening at 0.005922 USD yesterday, it closed with a decline of 0.91% at 0.005868 USD.
VeChain Thor Price Prediction – VeChain Price Prediction- VET Price Remains Stable Amid Altcoin Downtrend
The downward movement of the VeChain coin has been on hold for the past two days. Though an uptrend may not start soon, the price is expected to reach around 0.01USD in the long term. The immediate resistance level for the token is at 0.005961 USD while the support is at 0.005536 USD.
Though a bullish trend for VeChain(VET) may seem a long shot now, the coin is likely to recover as soon as the downtrend stops. Besides, VeChain partnership with leading companies in China may facilitate the mass adoption of VET coin.
What do you think about the VeChain Thor price prediction? Share your thoughts about the price of VET in the comment section below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.