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VeChain Invited by Shanghai Minhang Government to Discuss Its Products’ Use Cases

VeChain (VET), the leading enterprise blockchain platform, has been making headways into the promising future where blockchain is productively utilized by large companies and governments.

VeChain Foundation was invited to an exclusive China International Import Expo (CIIE) side-event hosted by the investment institute of the Shanghai Minhang Government, as recently reported via the Foundation’s official Twitter handle.

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According to the report, VeChain Foundation, represented by its CMO, was able to share live use cases of VeChainThor blockchain’s products and the utility embedded in AirTrace, which was jointly built with PwC.

VeChain Foundation tweeted, “VeChain was invited to an exclusive #CIIE side-event by the investment institute of the Shanghai Minhang Government! To a room of large international companies & gov. officials, our CMO shared live use cases of #VET’s blockchain products and AirTrace, co-developed with PwC.”

Read Also: Analyst: VeChain in the Process of Retesting Daily MA50, Last time It Occurred, VET Recorded Over 90% in About 1 Month

VeChain (VET) Price Targets Retest of an All-Time High

VeChain (VET) price crashed 63% from $0.15 to $0.056 between June 4 and July 20. The downtrend ended with a v-shaped recovery but failed to push above $0.15. As a result, this move was followed by a 46% descent that formed a rounding bottom, pushing VeChain price to revisit the $0.15 resistance barrier.

Together, this price action from VET is known as an Adam and Even pattern. This technical formation forecasts a 63% upswing to $0.249, obtained by adding the distance between the horizontal resistance level at $0.15 and the lowest point of Adam and adding it to the breakout point.

Currently, VeChain price has flipped the $0.15 hurdle into a foothold, triggering the start of an uptrend. Going forward, investors can expect VET to continue the ascent and tag the intended target at $0.249.

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In some cases, the bullish momentum is likely to propel VeChain price to retest its all-time high at $0.279. At press time, VET is trading $0.1642, with a relatively 5% price upsurge in the last 24 hours.

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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