VET’s New Collab to Lift Prices— Prices ride the bulls

• VET continuous bullish momentum for the past seven days.
• Vechain teamed with Samsung Heavy Industries.
• The prices went up by nearly 19% in the last seven days.

VechainThor blockchain entered into a strategic partnership with Samsung Heavy Industries (SHI), the largest shipbuilder across the globe. The alliance aims to apply blockchain technology to its Samsung Autonomous Ship (SAS) project. The same technology will be executed to its SVESSEL eLogbook data streams on an operating vessel.

According to Det Norske Veritas (DNV), the accomplishment exemplifies blockchain tech’s ability to be utilized for secure data stream applications on ships. DNV is the world’s largest shipping industry classification society. In addition, the network reminds its users about the last day to declare their candidacy for the 2023 Steering Committee Elections.

The Chart Tale

The VET prices form a sharply rising parallel channel, almost like a bull flag. All significant EMAs are claimed while rising, and form a bullish crossover, to support the rally. The volume recorded shows buyer dominance. OBV moves horizontally to reflect a neutral force persisting in the market. If the current prices of $0.022 can successfully defy the resistance at $0.024, a high run might occur reaching near $0.028.

The CMF floats in the positive zone to mark the bullish momentum in the market. The MACD records buyers actively participating in the market, meanwhile, the lines diverge narrowly. The RSI moves about the 70-range to display the buyer dominance persisting in the market. Since the indicator is close to the overbought zone, a temporary price reversal is predicted.

The Peephole

The smaller time frame study suggests that prices may encounter a stammered rise. The CMF sits close to the baseline to mark the withdrawal of bull forces. The MACD lines diverge for the seller and record deep seller histograms. The RSI is pulled down by the sellers to ranges in the lower half. After temporary retracement, a strong bull run is anticipated to take place.

Conclusion

The Vechain and Samsung collab might benefit in the long term making it suitable for the long-term investments. The VET holders must watch out for the resistance breakout near $0.024. Investors can rely on a support level near $0.19 to enter the market.

Technical levels

Support levels: $0.019 and $0.015

Resistance levels: $0.024 and $0.026