Price Analysis

VeChain Price Analysis: VET Shows Strengthening As The Market Position Improves

Hacken, one of the world’s renowned cybersecurity firms, has partnered with VeChain Foundation. After carrying out research for a year, the Hacken team along with CREAM, a leading strategic coaching, incubation, and investment firm utilizing blockchain technology and crypto-economics, decided to migrate to VeChain ecosystem in order to develop a new HackenAI.

Current Statistics of VeChain:

  • The trading price of VeChain (VET) against USD is around 0.00512390 USD.
  • Against Bitcoin, the crypto was valued around 0.00000045 BTC per chip.
  • At present, the market rank of VeChain (VET) is 30th in the cryptocurrency market.
  • Additionally, the market capitalization of the cryptocurrency is around 284,975,691 USD.
  • At the same time, the 24-hour trading volume in the altcoin was 29,950,474 USD.
  • With a return on investment of -65.83%, the number of VeChain chips circulating in the market, at the above mentioned time, was 55,454,734,800 VET.

VET to USD Price Comparison:

VeChain Price Prediction
VeChain Price Chart by TradingView

Let’s compare the price variation of altcoin throughout 25-days. On July 18, VeChain was trading around 0.00576661 USD. However, today, the cryptocurrency has made a dip of 11.14% when compared to its earlier value. In the weekly trading also, the crypto has gone down but by a slight margin of 2.89% from the level of 0.00527981 USD on August 06. Nevertheless, the coin has shown some strengthening in yesterday’s trading. After opening at 0.004904 USD, it moved up by 4.68% and closed the day at 0.005133 USD.

VeChain Price Prediction:

The upward movement in the crypto has strengthened further, and one should expect some good returns in the short-term. As per our prediction, if the positive trend persists, then VeChain (VET) might trade around 0.01 USD by the end of 2019. As of now, the immediate resistance for the coin is at 0.005356 USD, and the support level is at 0.0049 USD.

Conclusion:

Migration of Hacken on VeChain will enhance the ecosystem of the crypto. It already hosts a couple of popular crypto software like Ocean EX and others. The strengthening of crypto and the latest partnership will surely shift the market sentiments in favor of the altcoin.

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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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