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VeChain made headlines after Salesforce announced it would test the firm’s traceability solutions platform, VeChainThor.
Salesforce Begins Testing on VeChain
VeChain’s native token, VET, saw its price surge by more than 70% since late March following a minor retracement. Investors have been taking advantage of every downswing to scoop tokens at a discount, helping prices advance further.
The mounting buy pressure behind this cryptocurrency allowed it to hit a new all-time high of $0.130 in the past few hours.
Salesforce’s decision to enable open, seamless data sharing across multiple parties, using data hashed on the VeChainThor public blockchain, seems to have fueled the most recent upswing.
Sunny Lu, CEO at VeChain, maintains that Salesforce’s integration could help boost VET utility exponentially.
“Salesforce has started to make the first trial on the VeChainThor public blockchain. I’m really excited about that because of how big Salesforce is. They are a $100 million firm with millions upon millions of customers. Given their expertise and industry know-how in different areas, they could build thousands of applications in the future on top of the VeChainThor public blockchain,” said Lu.
Token Targets New All-Time Highs
While the network’s utility expands, the price of VET looks headed for the 261.8% Fibonacci retracement level at $0.136 (measured from the high on Mar. 22 to the low Mar. 25).
Breaking through this potential area of interest may lead to another upswing towards $0.150.
It is worth noting that the Tom DeMark (TD) Sequential indicator recently presented a sell signal on VET’s 12-hour chart. The bearish formation developed as a green nine candlestick, indicating a high probability of a correction before the uptrend resumes.
Losing the $0.120 level as support could validate the pessimistic outlook. If this were to happen, VET might dive toward the 161.8% or 127.2% Fibonacci retracement level.
These crucial support areas sit at $0.113 and $0.105, respectively.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.