VeChain Wine Bottles’ collaboration with my story comes alive – Can Vocational Training Break $ 0.0042?
- My Story recently announced the launch of their wine bottle verification system with VeChain.
- The market recently bounced back from the support at $ 0.003780.
- Support for the future – $ 0.003790, $ 0.0037, $ 0.0036, $ 0.003551, $ 0.0035, $ 0.003454, $ 0.003285.
- Resistance in the future – $ 0.004166, $ 0.004265, $ 0.004437, $ 0.004708, $ 0.0050, $ 0.005237, $ 0.006226.
In September 2018 we have wrote an article regarding the VeChain partnership with BYD in the hope of creating a proof-of-concept solution for “carbon banking” for automobiles.
It seems that the company VeChain worked with had an experience Sales increase in 2018. In the previous year, sales of BYD vehicles increased by a total of 25%. The company has sold over 520,000 vehicles and is well on its way to selling more in 2019.
This is great news for VeChain as the partnership includes collecting data from vehicles sold by BYD to create a profitability for the Internet of Vehicle Information by recording and storing data on the VeChain blockchain.
In other VeChain news, VeChain collaboration with My Story has started rolling out their first product that will use VeChain hardware tags. VeChain Dapp works with DNV-GL, a leading global provider of product assurance and certification.
My Story has partnered with three leading wineries in Italy: Rick Curbastro, Ruffino Wines and West Wind Wines. 3 companies label their bottles with the My Story label using VeChain hardware tags. The labels can be scanned by the user to learn the history of their wine bottles from grape to bottle, so consumers can rest assured that everything is verified and legitimate.
Today we start in Rome # MyStory ™ feat. leading Italian wineries @Ricci_Curbastro, #RuffinoWines @Torrevento! Scan the QR code to discover the history of each wine, from the grape to the bottle
– DNV GL (@DNVGL), January 10, 2019
All information collected as part of the My Story process is stored on VeChain Thor’s public blockchain. The news even made it to the economic section of the main newspaper in Brescia.
Provided by https://www.reddit.com/user/grahambond69
Let’s further analyze VET / USD price moves over the past term and highlight potential areas of support and resistance in the future.
Vocational Education saw a slight drop in price totaling 3.70% over the past 24 hour trading sessions, bringing the current trading price down to $ 0.003837. The cryptocurrency has lost a total of 9.86% in the last 7 trading days, but is up 2.92% in the last month.
VeChain now ranks 25th in market cap as it currently holds a market cap value of $ 213 million. The cryptocurrency has seen a serious drop in price totaling 66% in the past 90 days of trading and is now trading at a value that is 80% below its all-time high.
VET / USD – SHORT TERM – 4-HOUR TABLE
If we look at the price action from the 4 hour chart above, we can see that the market rebounded from the December 2018 low of $ 0.003285 and then continued to rebound. VET / USD rebounded slightly above the bearish .236 Fibonacci retracement level (drawn in red) which was at $ 0.005237 before rolling over.
After reaching resistance, the market began to decline and continued to decline at the beginning of 2019. VET / USD recently hit short-term resistance at 0.786 Fibonacci retracement (drawn in green) at a price of $ 0.003780.
TREND – BEARISH at short notice
The market break below the USD 0.0040 handle signaled a short-term reversal of the trend towards a bearish trading condition. We would need to see price action bounce back above the $ 0.0040 level to resume a neutral trend.
For this market to be considered bullish, price movements would have to be above the $ 0.00050 value.
Where is the resistance to the top?
If buyers can regroup and start driving price action up, we can expect immediate resistance to the upside to be at the short-term .618 Fibonacci retracement level (drawn in green) at a price of $ 0.004166 .
If buying pressure continues to drive price action above this level, we can expect further higher support at the short-term Fibonacci retracement levels .5 and .382 (drawn in green) at prices of $ 0.004437 and 0, respectively , 004708 USD is located.
Further upside resistance is then expected at the 2019 high around the $ 0.0050 handle, followed by further resistance at the bearish Fibonacci retracement level of 0.236 (drawn in red) at a price of $ 0.005237 .
If the bulls continue to cause VET / USD to rise even further, higher resistance may be above the mid-term Fibonacci extension levels of 1.272 and 1.414 (drawn in blue) with prices of $ 0.00622 and $ 0.00655, respectively.
Where is the support below the market?
As sellers start pushing price action down, we can expect the immediate downside support to be at the short-term .786 Fibonacci retracement level (drawn in green) with a price of $ 0.003780. Further support below this can then be expected at the short-term .886 Fibonacci retracement level (drawn in green) at a price of $ 0.00355.
If the bears lower price action further, further support on the previous long-term downtrend of 1.414 Fibonacci Extension (drawn in blue) with a price of $ 0.003454 can be expected, followed by the 2018 low price of $ 0.003285.
What do the technical indicators show?
In the 4 hour timeframe, the RSI has recently bounced back from the oversold line at the 20 level. However, the market is still trading below the 50 level, indicating that the bears are still in control of market dynamics. For the VET / USD market to recover, the RSI would have to fall back above the 50 value.
VeChain has forged some high profile partnerships that recently went into action by working with My Story Wine Bottles. For a more detailed overview of the milestones VeChain achieved in 2018, we recommend taking it A look at the 2018 year in review.