Despite solving one of the biggest issues that businesses around the world deal with on a daily basis, the supply chain information flow, VeChain’s price has continuously struggled in the markets for the past few months. This month, Vechain is down by 28 per cent. The year-to-date drop of 70% also demonstrates that the current aggressive bearish trend has been in place for several months.
VeChain Expansion
Recently, the Vechain platform announced the successful deployment of the Proof-of-Authority on its private testnet. The deployment is one step closer to Vechains migrating to what it terms the “world’s greenest consensus.” In addition, it introduces a verifiable randomness function that randomly assigns nodes to produce blocks or process transactions, thereby incentivizing nodes to act in good faith.
VeChain has also recently signed a sponsorship deal with UFT. According to reports, the partnership between the two is a multi-year deal valued at nearly $100 million. As a globally recognized blockchain technology, Paul Asencio, senior vice president of global partnerships at the UFC, indicated that the UFC was happy to have such a partner. VeChain joined other blockchain platforms such as Crypto.com, Socios, and Dapper Labs, which also have partnerships with UFC.
The above two developments will likely see Vechain continue gaining traction with its users. UFC partnership, for instance, is likely to place VeChain in front of many potential clients who also enjoy watching UFC.
VeChain Price Prediction
Despite the latest developments and expansion of Vechain, the crypto has continually struggled in the markets throughout the year. In June, Vechain is down by 28 per cent, extending the month of May’s price drop of 27 per cent.
Today, however, the prices are up by 3 per cent and are on course to wipe out yesterday’s losses in the market. I also expect the current bullish trend to continue in the next few trading sessions. This will see the prices trading above the $0.0244 resistance level. There is also a high likelihood we will see prices trading above the $0.02500 price level. However, a drop below the $0.0226 price level will invalidate my bullish analysis.