VeChain: Blockchain for supply chain management

VechainThor blockchain is the preferred Layer-1 blockchain for Web3 and enterprises. Vechain mixes the blockchain and smart chip technologies for tracking items. The smart chip can be integrated with different Internet of Things such as QR codes, RFID trackers, and NFC chips.

The main features of VeChain are

Highly scalable compared to Ethereum

High-speed transaction

Trust free ecosystem

Consensus mechanism:

VeChain Thor –Consensus mechanism of the coin – Proof of Authority.

In PoA, validators are given the right to generate new blocks based on their reputation. It is power-saving and requires only a minimum number of validators to reach consensus.

Each node that holds at least 10,000 VET with a single public key will have the right to vote. Each node cannot have more than one vote. The Permissioned Vechain blockchain can handle 10000 tps.

VeThor energy is used for gas fees and computational services.

VETUSD prices surged nearly 100% from Oct low of $0.01612.It hit a high of $0.03170 and is currently trading around $0.03044. The pair holds well above the short-term (21 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $0.0350, any indicative breach above will take the pair to $0.0435/0.05200. On the lower side, immediate support is $0.0250, and any violation below targets $0.0190/$0.01475.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $0.0250 with SL around $0.018 for TP of $0.050.

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