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The currency market is slow.
There’s no other way to say it.
I’ve mentioned before that June was likely to be a “transitional” month where new narratives would begin to take shape.
But instead of just sitting around, I have been doing my research to find the next big multi-year plays.
Those are two longer-term holds that I still believe in as the technicals are backed by strong fundamentals, especially now with central banks in full on print mode.
But today I want to talk about another cryptocurrency called VeChain, ticker VETUSD.
VeChain is a blockchain-based platform for the supply chain industry that allows companies and customers to track and verify the authenticity of products.
Think of it as a platform that records and displays the truth about a supply chain.
At least that’s how the project started in 2015.
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VeChain has since entered the healthcare market, food safety, and the energy market to name just a few.
Their management team is made up of industry leaders that are backed by a plethora of skilled developers, which is what you want to see in a cryptocurrency.
Their partners include PricewaterhouseCoopers (PwC), DNV GL, BMW, Walmart China, BYD, and many more.
The image above is only a partial listing of VeChain’s partners.
At just $500 million, VeChain has a much smaller market cap than other cryptos like Bitcoin and Ethereum.
That’s where I see the opportunity, though.
The VeChain management team is first class, in my opinion, and their product is not only in demand, but it’s actually in use today.
Only a tiny percentage of cryptocurrencies can say the same.
As for the technicals, VETUSD looks primed for a breakout.
The market has been consolidating below $0.01 for the last nineteen months but is starting to look constructive.
In my opinion, it’s going to take a monthly close above $0.0085 or so to confirm the break.
A breakout over the next few months agrees with my view that the cryptocurrency market is on the verge of another bull market.
But like other cryptocurrencies I’ve discussed recently, I am not trading VeChain.
It’s going to be a two-year hold for me, at a minimum.
I’m also more interested in the VeChain fundamental story, so I’m less concerned with the technicals.
Disclaimer: I hold a position in VeChain (VETUSD). The information in this post is NOT financial advice.