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VETUSD: VeChain Breaks Free From Consolidation

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I first wrote about VeChain (VET) on June 26th.

VeChain is a blockchain-based platform for the supply chain industry that allows companies and customers to track and verify the authenticity of products.

But they’ve since entered the healthcare market, food safety, and the energy market, to name a few.

Anyone who has followed me on Twitter for the last few months knows that I have become increasingly interested in digital assets.

In fact, I’m borderline obsessed right now.

For me, it’s the most exciting time since the internet was born, at least from a technological perspective.

Here’s one of my recent tweets:

The tricky part about the cryptocurrency world is separating the legitimate projects from the deadbeats.

One way to do that is to look for real-world adoption.

In other words, customers…

VeChain ticks all of the boxes there.

The second thing I look for is a first-class management team.

VeChain’s CEO, Sunny Lu, has over 15 years of experience as an IT executive in Fortune 500 companies.

That includes serving as the former CIO of Louis Vuitton Greater China.

Jay Zhang, VeChain’s co-founder, worked for PwC China and Deloitte UK as a senior manager for finance and risk management.

It’s no coincidence that PwC and Deloitte are two of VeChain’s partners.

You can view the entire team and their credentials here.

One thing I didn’t mention in my June 26th post is that VeChain has a fixed total supply of 85,985,041,177 with approximately 75% of that in circulation.

The latest Financial Executive Report released today confirms that.

A circulating supply of 65 billion (85 billion fixed) sounds like a lot until you consider that VeChain is still trading under $0.01.

That puts VeChain’s market cap at $520 million as of this writing.

The supply chain industry alone is valued at $50 trillion.

Now, you may be wondering why I’m discussing the fundamentals as I’ve always focused on the price action.

As I mentioned in June, this is a multi-year investment for me, which means it’s a fundamental play.

I wrote the same thing about Bitcoin and Ethereum.

I’m not trading these assets for two reasons:

  1. They’re far too volatile
  2. The long-term potential is too great

But a blog post on this site wouldn’t be complete without discussing the technicals.

If you saw my June 26th post, you know that the market was holding above 0.0084 on a weekly closing basis.

However, we were waiting to see if June would also clear that level.

Sure enough, it did.

VETUSD monthly time frame

June was the first monthly close above 0.0084 since October 2018.

That’s a big deal, in my opinion.

Buyers didn’t waste any time in following up on June’s breakout.

VETUSD broke out of a multi-day consolidation pattern on Wednesday and is currently battling the 0.0094 area.

The last two weeks have stalled at 0.0094.

We’ll see if buyers can get through that resistance area this week.

If they can, we could see another run at the 0.0106 level.

Regardless of what happens with the technicals over the next few weeks, the long-term growth potential for VeChain is what excites me the most.

Disclaimer: I hold a position in VeChain (VETUSD). The information in this post is for educational purposes only and is NOT financial advice.

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VETUSD 4-hour time frame

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15 comments
Justin Bennett says

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Reply
Josephine a Basciano says

i want to invest in this but i live in us, any brokers avail for cryptocurrency in us?

Reply
    Justin Bennett says

    You can use https://www.binance.us if you live in the US. That’s the only exchange in the US that lists VeChain as of now.

    Reply
      Ron says

      Bittrex has USDT and BTC trading pairs for VET

      Reply
        Justin Bennett says

        Not in the US.

        Reply
          Ron says

          Nice call on VET – and thanks for the tip ….downloaded BinanceUS to my phone and bought some !
          Happy 4th ..the VET fireworks were the best =)

          Reply
Engr Moses says

Hello my enviable Forex mentor, please which broker do you use in trading VetUsd pair?
If Binance, how do you draw trendline in thier platform? Thanks

Reply
    Justin Bennett says

    As mentioned above, I use Binance.us.

    You can use something like TradingView if you want to analyze the chart.

    Reply
Ardy says

Hi,

I am based in Singapore. How can I buy VETUSD?

Really interested to get some. Fundamentals look good to me.

Reply
Kashif says

Which broker offer this coin I checked my coinbase account they dont offer it . Please advise

Reply
Sami says

Hi Justin,
What is the best way to invest in VETUSD?
Thanks
Sami

Reply
    Justin Bennett says

    What do you mean?

    Reply
Samuel says

Thanks for the up dates please

Reply
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