VeChain Price Prediction – Will VET Price Hit $1 in 2021?

This VeChain (VET) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our VET price analysis and prediction.

The crypto market is continuously growing at an ever-accelerating pace. With the surge in investor participation and increasing dissatisfaction with traditional markets, crypto is becoming more diverse. Is VeChain one of the cryptocurrencies that are enjoying this financial upheaval? We will know in this VeChain price prediction article.

However, apart from its price, how much do we know about VeChain? Better yet, what is VeChain? Let’s find out about VeChain in this VET price prediction article.

What is VeChain (VET)?

VeChain is a blockchain-based platform that aims to improve the supply chain management of companies and organizations. It has partnered with various household names in different sectors. Some of these include BMW, Royal Melbourne Institute of Technology, and Oxford University.

At the helm of VeChain is Sunny Lu, who once worked for Louis Vuitton China and built massive IT and cybersecurity infrastructure.

VeChain has a public blockchain called VeChain Thor. It enables smart contracts, decentralized applications (DApps), on-chain governance, and more. Its native crypto asset has the ticker VET, which is available for trading on different exchanges.

Now that we have a little background on what is VeChain, let us proceed to our VeChain price prediction. Let us start analyzing the VeChain price’s recent movement.

Technical Aspects of VeChain (VET)

There are many aspects that make VeChain stand out from the rest. One feature that makes it special is that instead of being a blockchain of all things, VeChain ensured a specialized approach to develop its structure. Another is its ability to blend centralization with decentralization. Because of this, users relish its high-speed transfers, transparent information flows, and most especially, efficient collaboration.

VeChain has established innovative solutions to solve real-world problems. For instance, the VeChain platform can be used to track the quality, authenticity, storage temperature, transportation medium, and last-mile delivery of any product right from the manufacturing facility, up to the final delivery, and lastly, to the end customer. To do this, VeChain utilizes smart chips or Radio Frequency Identification (RFID) technology that broadcasts key information onto the VeChain blockchain network, which can also be accessed anytime by authorized stakeholders.

Another VeChain use case is its distributed ledger technology (DLT). Through this, it can enhance the processes of any business, along with its supply chain management. As a result, it can help improve the efficiency, transparency, and traceability of supply chains. In detail, VeChain gives both consumers and retailers the ability to ascertain the authenticity of every product being bought. In line with this, VeChain also helps in both recording and verifying every single piece of data that comes in the supply chain movement — this ensures efficiency and security.

Suffice to say, VeChain is made to make the supply chain industry better. It is designed for the betterment and efficiency of the supply chain sector. Moreover, VeChain technology was developed mostly, in order to solve and address the insufficiency that many businesses face — specifically, in the transaction processes.

VeChain (VET) Current Market Status

VET remains to be one of the most aggressive cryptocurrencies nowadays. According to CoinMarketCap, the VET price is $0.17. Notably, VET was able to record a decreased rate of almost 3.91% in the last 24 hours.

In terms of its market standing, VET market capitalization amounts to almost $11,067,826,351 with a 24-hour trading volume of over $1,387,995,890. As a result, the crypto ranks as one of the top 25 cryptocurrencies in CoinMarketCap. With all these achievements, we can say that VET has come a long way in developing its technology throughout the years.

Currently, the top cryptocurrency exchanges for VET are Binance, FTX, Huobi Global, Upbit, and Mandala Exchange. Now that you already have an idea about what VET cryptocurrency is, do you think VET is a good investment this year? If you are already excited to know, come, and together let us check this VET price analysis and price prediction article.

VeChain (VET) Price Analysis 2021

VeChain continues to be one of the trusted digital assets in the crypto world. VET ranks as one of the top 25 cryptocurrencies in CoinMarketCap.

Do you think this is enough to maintain VeChain’s uptrend position this year? Are you already curious? Therefore, join me and let us check the chart in this VeChain price analysis to find out.

Based on the chart above, VeChain positions itself along with the raging bulls. Today, VET trades at a high price of $0.17 with a 7 days increase rate of +23%.

In addition, we can see that VeChain recently performed an Ascending Channel pattern. An ascending channel is the price action that occurs in an upward direction through a rising parallel line. More so, the chart shows the Higher Highs and Higher Lows from this price pattern. In addition, this pattern represents a short-term bullish.

In other words, VET is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its $0.18 resistance level and reach the bullish price of $0.5. Of course, this is most likely to happen if the bullish market continues to reside with VeChain.

Conversely, if the bulls turn against the crypto, the price of VET might fall. In short, VeChain might break out from its uptrend position and nosedive to a bearish price of $0.11 to $0.05. Indeed, this price level is not a good picture in the eyes of the investors.

The Relative Strength Index (RSI) of VeChain (VET) is at 68.31, indicating a nearly overbought state. With this in mind, traders, especially scalp and day traders, can trade with confidence without worrying about a major price reversal.

Let us also look down for the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of VET.

VeChain is one of the potential cryptocurrencies this year. Since the start of 2021, VET’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by consolidations, fluctuations, and corrections right away.

VeChain (VET) Price Prediction 2021

The VeChain network is one of the most active crypto this year in terms of technology development. Do you think this is enough to make VeChain a profitable network to invest in 2021? Let’s head to the chart in this VeChain price prediction to check it out.

The crypto is showing strong bullish signals against the bears. In this graph, the crypto trades at a high price of $0.17. If this bullish trend continues, VET might be able to break its $0.25  resistance level. It could even go further beyond $0.5 before the year ends and is likely to reach $0.8 – $1 in 2021 if the market continues to favor crypto.

However, if the market turns against the crypto, VET could experience a price decline, an event in favor of the bears. This bearish event could trigger a price roll back below $0.11 and could even fall deeper to $0.05. In this case, the crypto must find a way to regain its composure and recover back to its bullish position. Otherwise, the bears might turn the support level to the new resistance level, an event not favorable to investors.

VeChain (VET) Price Prediction 2022

If this bullish trend continues, VeChain will reach $2 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $2.5. Then this rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $2 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

VeChain (VET) Price Prediction 2023

The price of VeChain can move even great heights, however reaching $4. Moreover, this is possible only if the market maintains its bullish trend. In addition, only if the cryptocurrency VeChain breaks past the psychological resistance level.

VeChain (VET) Price Prediction 2024

As per the latest upgrades, developments, VeChain price prediction, and new project forecasts of the platform. Moreover, this might boost the price of VeChain in the crypto market, and it will be the best investment as the price can spike and reach around $7.

VeChain (VET) Price Prediction 2025

In the next four years, VeChain prices could race up to $10. However, reaching this level could not be so difficult for VeChain as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that VeChain has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

VeChain has a bright future ahead of it in 2021. With the ongoing developments happening within the VeChain ecosystem, as well as in the overall crypto market, we may see VeChain reach new heights.

Bullish VeChain price prediction 2021 is $0.8. It may even reach over $1 if investors have decided that VeChain is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies. 

Recommended Articles