Price Analysis

VeChain Price Analysis: VET goes green, VeChain to enter Italian market

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  • The Italian government can use VeChain Thor.
  • Italian Prime Minister in a discussion about the same.

The Prime Minister of Italy is in discussion with blockchain technology. VeChain (VET) is reported to enter the Italian market soon. The VeChain Thor is already in use at Italy’s wine market. As per the latest report, Thor might be taken up by the Italian Government. The big news has contributed to the growth pattern of the cryptocurrency market, especially VeChain.

VeChain Thor V1.1.0 recently gave a big hike to the coin in the market. The same happened once again when the Italian government venture news broke out.

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Let’s have a look at the charts of VeChain.

The chart is taken from Trading View, at 10:51:50 UTC, on 29th May 2019 for price analysis is given below:

VeChain price chart

  • The coin is 25th largest coin in the cryptomarket.
  • The coin price stands at 0.007722 USD.
  • Out of total 86,712,634,466 VET, the current circulation of VeChain is 55,454,734,800 VET.
  • As on 29th May, at 10:53:50, the market cap is at 426,590,706.
  • In the last 7 days, VeChain touched a high of 0.008208 USD and a low of 0.006959 USD.
  • VeChain 24hr volume is noted as $21,307,763 USD.
  • The ROI of VeChain stands at negative 48.66%.

The movement in the coin has been volatile since quite a long time. Talking about the last five days, the coin showed a bullish trend on 21st May but soon came down because of the selling pressure. The progression in the coin was marked again on 27th May. The same trend continued during the first half of 28th May but suffered a price drop in the second half. Today, the price has again picked up a few notches.

Comparison:

VeChain was at $0.006674 on 4th May 2019. However, the prices picked by 29th May 2019, and at 11:09:27 UTC, the price noted was $0.007653. The increase in the price calculated showed an increase of 14%.

The YTD charts of VeChain reflect a bigger growth. As on 1st January 2019, the coin was dealing at $0.003958 and today it at $0.007653. A clear 2x hike can be noted from the given stats.

Price Prediction and Conclusion:

The VeChain coin has been outperforming Bitcoins. However, the prices have still not crossed the resistance of $0.0080 or touched the monthly high. Hence, the best suggestion for the traders is to hold their purchase. We would recommend the long term investors to hold tight until 2020, as there could be a hike in the VeChain prices by 2% – 3%. For short term investors, the prices in 2019 are predicted to reach $0.50, and by the first quarter of 2020, the prices can even touch a high of $0.100. Hence it would be best to hold tight. VeChain future ventures are pointing towards a brighter future. Thus, it could be a perfect time to purchase too.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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