According to the candlestick chart linked to the VET/USDT pair on tradingview [based on data drawn from the Binance Exchange], VeChain is being influenced by sellers following a bull-run which lasted till the 7th of November. The daily RSI [for 14 periods] sits at 67.68 which signifies that VET has begun advancing through the neutral zone.
From 3rd November onwards, the peaks tied to the Awesome Oscillator all possessed the green shade. While this serves as a bullish indicator, the gap between the MACD line and the signal line has shrunk in a span of 2 days. Resistance may be felt once the price recovers and reaches $0.005964, and support lies close to the $0.003806 mark.
The major announcement hit the web on the 7th of November when VET was able to rise to overbought territory. At China International Import Expo [which took place not too long ago], VeChain unveiled a new partnership that shall include DNV GL as well as the ASI Group. Thus, the first cross-continental logistics and trades solution backed by VeChainThor was unleashed.
This initiative [aka Foodgates] will aid one in the process of tracking the journey of consumable items [from the farm all the way up to the destination]. Both the French President and the Chinese President were present while the aforementioned event was being inaugurated. Mathieu Borgé, the co-founder of Foodgates, looks forward to this collaborative effort involving three major agencies.
For more information, you can take a look at the official press release:
Announcing Foodgates, a cross-continental logistics & trade platform powered by #VeChain. Together with @DNVGL & ASI Group, it was an honor to serve #blockchain authenticated beef to Chinese President Xi Jinping & French President Emmanuel Macron at #CIIE.https://t.co/mKhHPg79FA
— VeChain Foundation (@vechainofficial) November 7, 2019
VeChain is positioned at #31 in the market. The trading volume recorded stands at roughly $78.342 million, while the supply has 55,454,734,800 VET coins in play as of this very moment. The total market cap of VeChain amounts to $287.561 million. The price declined at a rate of 10.7% in the course of the past 24-hours; this, in turn, brought $VET all the way down towards the $0.005186 mark where it presently holds.