Over the past few weeks VeChain has worked tirelessly to rise above the leaderboard. It defied the broader market trend and reached local highs on its price chart by November 9, 2021.

Source: TradingView

The network went through a hard fork on November 16, and community members expect this factor to continue to have a positive impact on the vocational training award. However, the coin succumbed to widespread downward pressure from the market and began its downward trajectory shortly afterwards.

In the past week alone, VET has lost nearly 15% of its value and has fluctuated between $ 0.12 and $ 0.16 since then.

VeChain’s motivation

Providing real benefit is arguably VeChain’s strength. The network leverages distributed ledger technology and the Internet of Things (IOT) to create an ecosystem that solves some of the key problems related to supply chain management.

VeChain’s blockchain enables companies to track goods and services by embedding a unique ID in the QR code of a particular product. In the past few months, a number of quality assurance companies have turned to blockchain technology for this purpose, and VeChain is one of the most preferred networks.

Several other networks such as Ambrosus and Waltonchain offer similar services and use cases. It is clear that they are trying to catch the pace of VeChain but fall behind in the race.

The merging of DLT with IoT has worked as an enormous catalyst for VeChain. Both technologies are still in their infancy and have great growth potential.

VeChain has met with a lot of approval with its proven “Blockchain as a Service – BaaS” model. In fact, it has been able to attract a wide variety of celebrity partnerships, including Walmart. According to some reports, most affiliates have made significant business improvements, and that in itself is another important catalyst.

Given the uniqueness of the services the network offers, many organizations will join the VeChain arena. In theory, this should lead to an increase in vocational training prices in the coming months.

In addition, like Bitcoin, VeChain’s offer is limited. All 86.7 billion tokens were minted. In retrospect, vocational training has the potential to be a suitable deflationary asset in the future. Hence, long-term HODLers may consider adding this coin to their portfolio.

Is this the right time?

The volume of VeChain was in the range of the norm and has so far not recorded any unusual peaks. This means that the speculative interest in the token is currently not very large.

Source: Messari

In addition, the altcoin volatility hovered around 1, not near the highs seen earlier this year. Therefore, it would not be wrong to say that the price of VET will move in a range for the next few days before the modus operandi changes.

Source: Messari

The asset’s risk-adjusted return has also remained consistently high, suggesting that existing investors have received returns greater than the risk they took.

Therefore, given the current not-so-exaggerated state of the VeChain market, long-term HODLers may consider buying VET anywhere in the current price range.

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Annie

According to Ambcrypto

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