VeChain’s recent price action has sparked interest among crypto enthusiasts, with many wondering if the trend points toward a bright future. Having surged from its early August lows, it currently trades at about $0.02503. The price, at first glance, is on the rise, breaking above the downtrend from July.
Is There a Bullish Sentiment in The Current Market?
The sentiment around VeChain is undeniably positive as the price appears to be consolidating within a rising channel. With immediate support set at $0.02480 and resistance at $0.02566, there seems to be enough bullish momentum building to aim for a breakout toward $0.02696 and possibly higher.
Recent price behavior suggests that things are starting to change. The favorable trend aligns with a broader market shift that has impacted other cryptos as well.
What Other Signs of Support Exist?
From a technical perspective, this is one of the rare altcoins that has broken above its 0.382 Fibonacci level, which is priced at $0.02420, and is en route to the 0.5 level at $0.02696. The price also trades above the EMA20, which is above the EMA50, EMA100, and EMA200.
The upper Bollinger Band is currently set at $0.02566 – a breakout point that would pave the way for higher price levels. The Supertrend indicator remains firmly in the bullish territory as long as VeChain stays above $0.02381, bolstered by the notable increase in trading volume.
What Are The Main Driving Factors Behind This Movement?
Factors contributing to this uptrend include VeChain’s use-case and partnerships with reputable enterprises. Brands such as Walmart China and BMW further validate VeChain’s applications in the supply chain sector. Its use of IoT tech solidifies its place as an enterprise-grade blockchain solution.
Additionally, positive sentiment and activity within the main crypto market generally lift altcoins like VeChain. There’s also considerable anticipation for future announcements from VeChain's team, paving the way for capital acceptance, further price boosts, and sustained interest.
How Can VeChain Benefit SMEs in Payroll?
For small and medium enterprises looking to dive into crypto payroll, VeChain presents a promising opportunity. Its main attraction lies in the efficiency it can offer small and medium businesses needing to manage cross-border transactions and payroll efficiently.
Adopting VeChain for their payroll can save businesses both time and money, appealing especially to those with remote teams.
What Are The Risks of Using Crypto in Payroll?
However, this opportunity does not come without risk. The volatility in crypto prices could mean fluctuating salary values. With proper managerial policies in place, this risk can be mitigated – perhaps by turning to stablecoins pegged to fiat currencies to ensure fixed salary amounts.
But regulatory compliance remains a gray area SMEs will need to navigate. Staying up-to-date with regulations is a must, as is establishing compliance frameworks. Without it, the risks taken could be substantial.
Summary
In summation, VeChain’s price movements offer a fascinating glimpse into the next steps for SMEs. The focus areas lie in how they can best navigate volatility while maximizing the opportunities offered by cryptocurrencies like VeChain.
