- The alliance includes companies like Starbucks, McDonald’s, and Walmart.
- The new active addresses on VET has been on a steady decline.
VeChain Foundation took a huge step towards mainstream adoption by joining the China Animal Health And Food Safety Alliance as a council member. In the process, it became the only blockchain technology provider in the alliance and will be offering technical and infrastructure support. The alliance includes companies like Starbucks, McDonald’s, and Walmart.
VeChain stated that they would be using their platform to create a farm-to-table traceability system” across China by building upon the existing Food Trust system.
All enterprise members of the alliance will be capable of logging key processes of food products onto the blockchain in an immutable and secured way, bridging trust between consumers and the enterprises. Traceability can start from cultivation, processing, packaging, logistics, to retail and more.
VET/USD daily chart
VET/USD strung together five straight bullish days before fumbling at the $0.0145 resistance line. Since then, the price has dropped to $0.014. We don’t think that the price is going to fall below the bullish flag formation. It will probably bounce up from the $0.0135 support line and jump to the flag's upper line. The MACD shows that the market momentum is still bullish, so a break above the flag is expected.
VET new active addresses
The new active addresses on VET have been on a steady decline, which has caused the price to go down. However, becoming a council member will attract more users, which will improve the price in the long-term.
VET social volume
Social volume is another helpful metric that can help predict positive price movement. Usually, a spike in social volume causes a spike in the price. Whether the move is upwards or downwards depends solely on whether the story being circulated is positive or negative. There has been a reasonable spike on social volume, which has prompted the price goes up.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
XRP price extends losses on Tuesday, risks decline below support at $0.60
XRP price dropped closer to its psychologically important support level at $0.60 on Tuesday amidst a steep correction in the crypto ecosystem. Most of the top 30 cryptocurrencies by market capitalization have noted a decline in their prices on March 19.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market crashes. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late. AVAX’s good fortune comes ahead of the Game Developers Conference.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin downside momentum strengthens, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.