April Update: Technicals
VETBTC chart on the daily time frame shows a downtrending channel that VET got stuck in. It is currently on the bottom line of that channel and we can expect a tiny rebound to the upper line before going back down to the horizontal support line at 109 sats. That should act as a strong support and we can expect a light jolt up from that level.
RSI is oversold on the daily chart but it is worrisome that volume is only slightly higher when compared to the same price level back in March, as shown by OBV.
A good sign the golden cross that has happened on VET chart (it’s not only you bitcoin ;)), which is traditionally seen as a huge bullish sign. Additionally, VET is one of the coins which daily trading volume is least manipulated in the market, as the “Real 10” (volumes on 10 legit, non-manipulating exchanges) metric by Messari shows it to be $10 million per day, while the reported volume by exchanges is $20 million. That is “only” 2x overstated volume which is a great ratio since majority of the market is in double digits on this overstatement metric.
Overall, technicals and fundamentals seem to trend in the right direction for VET even though the market has yet to recognize and reflect that in VET’s price. Price action is somewhat disappointing for the holders as VET is up 16% in USD but down 15% to BTC in the last 30 days.
April Update: Fundamentals
Vechain has showcased the next step in their partnership with automobile manufacturing giant BMW – a new service called VerifyCar on the VeChainThor Network.
The VerifyCar application addresses the issue of mileage fraud, which according to the presentation is present in one-third of vehicles in Germany. VerifyCar is a digital passport that allows users…