Hello beautiful and wonderful looking friend. Today I am here to give a detail of my day 4 trading competition which is focused on VET/USDT. First and foremost,I am grateful to my team leaders fredquantum-kouba01 Traders Team for they works and words of encouragement that has never make me to slack behind, rather they words has encourage me to keep moving forward for learning never end. Today after presenting my day 1 trade,day 2 and Day 3 , I will be discussing about my day 4 which I perform my trading on Binance exchange using the following crypto pair VET/USDT.
The name and Introduction of the project token
Vechain (VET) is known as the project that handles the VechainThor blockchain network launched in 2018. Although, before it was launched in June 2018, it started as a private consortium chain, that was working with enterprises to explore blockchain applications. The blockchain network is focused on supply chain management, blockchain based and compatible to met the needs of enterprises. The goal of Vechain is to make use of distributed governance and internet of things technologies to create/build an ecosystem that can solve the problem of data hurdles for several global companies ranging from energy to medical, beverage and food to sustainability. Vechain is aims to leverage the power of untrusted data, through building a digital backbone that will support the fourth industria revolutionl which will demands the use of data sharing among several users.
Vechain platform make use of two types of tokens: Vechain Token (VET) and VeThorToken (VTHO). These two tokens are what is use to create value that relay on the public blockchain of VechainThor. VET token is use to generate VTHO an still acted as a store of value that is transfer on the blockchain. What I meant here is that holder of VET can transfer value on the blockchain when they're interacting with DApps and smart contracts on the blockchain, with a fixed supply of $86 billion USD. However, VTHO is the token that is used to pay for transactions fees, which has an infinite supply rewards. In order for a user to earn VTHO the user can be a holder of VET token in his/her wallet.
The co-founder of Vechain is Sunny Lu, who is known to be a very well-known IT executive an a former employee of Louis Vuitton China. The name Lu Sunny is a very popular name that is well-known I'm the crypto industry that has drawn the attention of so many crypto traders based on what he did in creating a blockchain technology that is aims at solving the problem of transparency trustless data. Although, apart from Sunny Lu, Jay Zhang is also a co-founder of the Vechain that gives direction financial matters and how Vechain is to be corporated with outsider. He has worked previously for PriceWaterhouseCoopers and Deloitte in the department of risk management and finance.
Why I am optimistic about VET token today, and how long I think it can rise.
As at 2020 to 2021 Vechain has extraordinary done so well with a percentage increase of more than 5000 % in it price. Even with the current fall in price Vechain is still a good cryptocurrency for me to invest in this 2022. Vechain is most likely to even outperform Ethereum, Bitcoin, BNB token which is the main reasons to why I ma very much optimistic about the token today. Let's consider looking at the history of Vechain as at 2021 - 2022.
 VET price 2021 screenshot gotten from Coinmarketcap |  VET price 2022 screenshot gotten from Coinmarketcap |
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From the data above it is clear for we to know the reason why I am optimistic about VET token. In terms of thinking if it can rise I will say yes VET can rise up to $10 at first quarter of 2023.
Analysis of VET
VET price is currently currently about to begin and uptrend movement on the 4 hour chart of VET/USDT pair as at when I checked. VET was opened at $0.05000 and has fallen down to $0.04416. This show that the price of VET has decline with about 6% with the last 4 hours as shown from the chart.
The Relative strength Index as at the time of checking the chart was currently below 40, indicating an oversold. MACD is slowly moving to down to the zero line. The MA 200 is above the MA 100, indicating that the bull are currently in control of the market. In a case where the MA 100 fall below the MA 200 is an indication that the bears are in control of the market.
After studying the above screenshot, I then switch to VET/BTC pair since I will be buying VET using my BTC. At the chart I discovered that the 200 MA is still crossing above the 100 MA. Although, the downtrend may likely continue in a short while since the whole crypto market is experiencing a bearish trend. The price of VET may likely get stable within a short period of time, but although a further decline of price is also expected to occur. Looking at all this I then placed my order and set my take profit $0.00000136 stop loss at $0.00000118. Immediately, after setting my order I then open my Binance exchange and market the purchase at the current market price $0.00000116.
My Plan to Hold VET long or Sell
Honestly, my plan is to hold Vechain VET for a short period of time before selling the token. However, me selling the token so soon doesn't mean the token doesn't have the potential of rising up to $2 in the next 2 years. As for now plan is to hold Vechain VET for just one week, holding VET token for just a week will determine my interest if am to buy more or not.
Reasons why I am recommending traders to buy VET
One of the reason I will recommend traders to buy Vechain VET is that VET is built for business purpose unlike other cryptocurrencies. The aim of VET is to build a trust free and a business ecosystem platform that will be distributed across the platform which will enable users have a transparent flow of information and high transaction speed. Although, just as I have earlier said, VET has done so well in terms of price increase, VET has increase above 500% in just between 2020 to 2021 which has show that it is a good cryptocurrency that traders should invest in. However investing into cryptocurrency is all about individual concept not base on what someone tell you it's all about how interested you are with the token.
Conclusion:
VeChain is platform that is determines to incentivize computer network that can operate freely by allowing businesses to build and run they own DApps. By doing this VeChain users term to see VeChain as platform that it goal is to allow better collaboration between businesses by providing them with useful tools that they can use for transferring of funds, data and management control. Finally, to this VET is the prime cryptocurrency that is powering Vechain which is also used for staking, sending or spending for fiat currency. My sincere gratitude goes to professor @kouba01, @fredquantum and to you my reader. I wish you a lovely day ahead.