VeChain price analysis: is now a good time to buy this cryptocurrency?

VeChain VET/USD has weakened from $0.15 below $0.10 in less than several days, and the current price stands around $0.11.

Fundamental analysis: VeChain launched the Community Discord Server to facilitate further community growth

VeChain is a blockchain platform designed to track enormous data through a trust-free and distributed business ecosystem. VeChain has the best features from both the DeFi and CeFi sectors, and one of the advantages of this platform is transparent information flow.

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VeChain requires low computation power for achieving network security, and it was built with Internet-of-Things (IoT) integration in mind. The logistics sector suffers from a large amount of data that are not communicated optimally, while the entire supply chain relies on centralized data sources, which results in a lack of transparency and delayed data transmission.

VeChain utilizes various technologies to monitor gigantic networks while meta-transaction features, like multi-task transactions and controllable transaction lifecycle, make the development more user-friendly for mass adoption. Vechain derives its value from activities created by members within the ecosystem solving real-world economic problems, and it is important to say that this platform does not face problems with delayed data transmission.

VeChain has experienced tremendous growth in its user activity this year, and according to the latest data, it has more than 400k Twitter subscribers, 200k+ Reddit subscribers, and around 45k subscribers across Telegram channels.

“We are incredibly proud to have amassed such a huge community since entering the public blockchain space in 2017 and to facilitate further community growth, we have launched the VeChain Community Discord Server. Discord is a place where topics and information about VeChain come together in one readily accessible place, creating a more cohesive user experience,” the team of VeChain reported.

Fundamentally looking, VeChain (VET) has a big potential; the popularity of this project is rising across the globe, but there is still a level of uncertainty. Technically looking, VET extended its correction from the recent highs above $0.15, registered on 06th September, and if you decide to trade this cryptocurrency in the upcoming days, you should use a “stop-loss” order because the risk remains high.

Technical analysis: The risk of further declines is probably not over

VeChain (VET) is currently trading very close to the strong support level that stands around $0.10, and there are some obvious risks when it comes to buying VET in the upcoming days.

If the price falls below $0.10 support, it would be a firm “sell” signal, and the next target could be around $0.080. The risk of further declines is probably not over, but if the price jumps above $0.15, we have the open way to $0.20.

Summary

VeChain has experienced tremendous growth in its user activity this year, and this month it launched the Community Discord Server to facilitate further community growth. Technically looking, VET extended its correction from the recent highs above $0.15, registered on 06th September, and if the price falls again below $0.10 support, it would be a strong “sell” signal.

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