By Solomon Odunayo
VeChain, a blockchain platform designed to enhance supply chain management, continues to gain global recognition with its tools that help companies verify the authenticity of their products to boost customers’ trust.
Its effort recently paid off after winning the Innovative Green Technology award at China Green Economy summit 2020.
The new development was passed across via the official Twitter handle of VeChain Foundation, captioning a number of images from the event.
What makes the award looks significant is that the event is recognized and hosted by the Chinese government. This also indicates that VeChain is indeed forging ahead and garnering the much-needed recognition for adoption.
Read Also: US-Based Health Firm Adopts VeChain (VET) To Combat Supplement Counterfeiting
VeChain Foundation tweeted, “We’ve won the prestigious Innovative Green Technology award at the China Green Economy Summit 2020! We’re proud that VeChain is recognized in large-scale government hosted events. Our Project Manager Luke Tang gave a speech about our sustainability solutions on stage as well.”
We've won the prestigious Innovative Green Technology award at the China Green Economy Summit 2020!
We're proud that #VeChain is recognized in large-scale government hosted events. Our Project Manager Luke Tang gave a speech about our #sustainability solutions on stage as well. pic.twitter.com/JzbeTXI6vR
— VeChain Foundation (@vechainofficial) November 16, 2020
The announcement was greeted with reactions by the teeming members of the VeChain community. Many see this as a sign that a bright future awaits the enterprise blockchain project.
VeChain (VET) in the Market
VeChain (VET), the 30th largest cryptocurrency by market capitalization, has been decreasing alongside a descending resistance line since attaining a high of $0.0230 on 9th August 2020.
On 18th October, the price of VET broke out from the resistance line but proceeded to fall moments after, touching a low of $0.0088 on 4th November 2020.
Although this appeared to cause a breakdown from the $0.01 support level, the price reclaimed the support level and has been trending upward ever since, validating the level as support once again.
So, if VeChain (VET) keeps up the price rally, the next notable resistance level would be at $0.016. At the time of publication, VET is trading at $0.011304, with 2.74% in the last 24 hours.