VeChain Market Update: VET/USD bulls attempt recovery as the firm partners with significant accounting company

• VeChain Foundation has joined forces with accounting firm Grant Thornton Cyprus.
• The partnership is expected to bring blockchain solutions to untapped industries. 
• VeChain CEO Sunny Lu said that the pandemic has helped Vechain accelerate digitization. 
• VET/USD is sandwiched between SMA 20 and upward trending line.

The VeChain Foundation has recently partnered with Grant Thornton Cyprus, a major accounting and consulting firm. According to an announcement by VeChain, the partnership could bring blockchain solutions to a wide range of untapped industries. These will be determined mainly by Grant Thornton Cyprus’s network of customers. Some potential industries include the food industry, e-commerce, pharmaceuticals, logistics, supply chain management, the automotive industry and renewable energy.

Commenting on the firm’s interest in blockchain technology, Alexis Nicolau, Grant Thornton Cyprus’ director of distributed technology, said that legislation governing blockchain technology in Cyprus “is imminent.” 

Sunny Lu, the CEO of VeChain, believes that the COVID-19 pandemic has helped in restructuring the global economic order. He said that the current situation had encouraged VeChain to accelerate “digitalization which enhances the need for digital solutions” in the post-COVID era. 

VET/USD daily chart

VET/USD bulls are attempting price recovery following a bearish Tuesday. The price has gone up a bit from $0.0191 to $0.0192 and is sandwiched between the SMA 20 and upward trending line. The MACD shows increasing bearish momentum, while the Elliott Oscillator has had seven straight red sessions.

VET/USD has strong resistance at $0.0194 (SMA 20), $0.01972 and $0.0223. On the downside, we have healthy support levels at $0.0177 (SMA 50), $0.0172 and $0.0161.