Since the beginning of this year, VeChain has sealed many deals. Adding new deals to the list of VeChain partnerships have helped support the price of VeChain amid a bear market. Between January and now, the price of VeChain is up significantly against the USD. During the VeChain summit, the CEO of the company announced that professional services firm Deloitte will be migrating from Ethereum to VeChain. He also said that BMW will be using the VeChain blockchain for its VerifyCar service. Let’s not forget that the VeChain nodes will be used by the producers of Game of Thrones to track sneakers that are based on the show.
VeChain is also going to dominate the global supply chain industry which is currently worth more than $50 trillion. When this happens, the demand for the VET coin will increase significantly along with the price of VeChain. Already, the supply chain giants are slowly migrating to blockchain technology and the VeChain Thor blockchain presents the perfect opportunity for business to easily integrate blockchain technology in the supply chain. The impact may not be noticed today or tomorrow but it will be noticed in the next few years. So, VET VeChain is a high-value asset with strong growth potential. Source: Smartereum
VeChain Thor Price Prediction
VeChain (VET) Price Today – VET / USD
Our VeChain Thor price prediction this year has always been bullish. Even the VET price analysis mainly involved the price of VeChain moving higher against the USD and Bitcoin thanks to the many VeChain partnerships that have been in play. Unfortunately, these partnership didn’t have a significant impact on the VET price because the entire market was bleeding out and the VeChain token wasn’t an exception. The VET price fell below the support at $0.70 as the bears put serious pressure on the market.
Some days ago, the VET price fell below the 0.50 Fibonacci retracement level indicating a trend reversal. However, things are looking up now. The bulls are struggling to break above the existing EMAs which would take the price of VET VeChain as high as $0.00800. According to the VeChain technical analysis on Bitcoin Exchange Guide, there are support levels at $0.005000, $0.005500, $0.006000. On the other hand, there are resistance levels at $0.007500, $0.008000, and $0.008500.
After the bulls surged to these high levels, they faced resistance and the price started correcting lower against the USD. The VET coin price ended up falling lower against the USD until it fell below the 26 day EMA. The bulls attempted to take over but the bear grip was too strong.
Vechain Thor (VET) News: 20 Million VET Migrated
According to a Vechain Reddit post, about 20 million VET has been burned. If the coins have actually been burned, it would cut down the VET supply that could boost its prices. However, it is also possible these 20 million VET aren’t burned rather are most likely be just a migration according to the news on bitcoinexchangeguide.
This month only, VeChain also collaborated with Adidas, HBO, and Singaporean shoe designer SBTG to celebrate the premiere of the eighth and final season of the Game of Thrones.
VeChain has been constantly adding big names to its growing list of partnerships as recently it also partnered up with Haier to integrate VeChain Thor’s blockchain into its Cosmoplast solution. Partnerships like these might not have any impact on price but in the long terms will drive its adoption and value.
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