VeChain (VET) Price Analysis: The Crypto is Trading in The Green Zone, Partnered with Counterfeit Wine Recently

China’s largest wine importer, Counterfeit Wine, is now using VeChain for blockchain traceability and anti-counterfeit, according to VeChain News. Additionally, China is also projected to become the world’s second-largest wine consumer by 2020. The increase in sales of wine will eventually create a domino effect for others that are on-board.

Current Statistics of VeChain:

• The trading price of VeChain (VET) against USD was trading around $0.0044792.
• Against Bitcoin, the crypto was valued at around 0.00000045 BTC per chip.
• At present, the market rank of VeChain (VET) is 31^st in the cryptocurrency chart.
• Additionally, the market capitalization of the cryptocurrency was around 252,671,985 USD.
• At the same time, the 24-hour trading volume of the altcoin was 28,001,391 USD.
• With a return on investment of -69.71%, the number of VeChain chips circulating in the market was 55,454,734,800 VET.

VET to USD Price Comparison:

If you look at the 5-day VeChain Price Chart, it started at a low point and was trading around 0.00438113 USD. In the first three days of trading, the coin has shown an overall strengthening of 8.57% and went up to the level of $0.00455379. In the early hours on August 21, the digital coin made a sharp decline of about 5.92% and stooped to the level of 0.00428439 USD. The coin kept moving at those levels and further declined by 8.3% until the first half of August 22. However, in the second half, the crypto made a bounce-back of 7.61% and climbed to the level of 0.00467286 USD. Thereafter, VeChain kept hovering around those levels, with a bit of decline of course, till the time of writing.

VeChain Price Prediction:

Yesterday’s trading in the coin was a bit assuring as the crypto has shown a strengthening of 3.49%. As per our VET forecast, the digital coin might trade around $0.01 by the end of the year. For now, the immediate resistance for the coin is at 0.004665 USD, and the support level is at 0.004245 USD.

Conclusion:

When it comes to enterprises, VeChain is one of the most prominent cryptos to partner with. Some of its clients include DNV GL, the Chinese Government, Louis Vuitton, and others. However, VeChain is now switching its business model to B2C. But the effort will take some time to stand ground. As far as trends are concerned, short trading might give some return.