VeChain (VET) Analysis: Vechain Witnesses Downtrend; Will it last?
VeChain (VET) is a supply chain management focussed cryptocurrency platform based on blockchain technology. The VeChain (VET) network allots different identifiers to different products so that the users can track the product movement easily. It was established in 2015, and now it has operations in many large cities like Singapore, Luxembourg, Tokyo, Shanghai, and Paris. As of now, it is the only crypto coin with an aim to revive the payment and settlement system of the supply chain management sector.
Current Statistics-
VeChain (VET) is the 23rd largest crypt coin in the market with a negative 54.37 % return on investment (ROI). The total coins in circulation stood at 55,454,734,800 VET. The current market cap of VeChain (VET) stands at 370,811,177 USD on 11th April at 04:04 UTC. The value of each coin in terms of USD and BTC stands at 0.006687 USD and 0.00000129 BTC respectively. The 24 h volume stands at 17,387,516 USD at the same UTC. The value of VeChain (VET) has not been very stable throughout the year.
Comparison-
The year 2019 started for VeChain (VET) with a medium not, but it soon failed to sustain the growth. The major growth period started after March 12. By comparing the value of March 11 with the current ones, we can see the difference that has been made in the outlook. The market cap of VeChain (VET) on 11th March was 262,979,960 USD, and the value of each coin was 0.004742 USD and 0.00000120 BTC respectively. The current market cap is 41 % above the market cap of March 11, and the value of each coin in USD has increased by an equal 41 % in a month. Even the past month’s growth was not consistent. It has given shocks at multiple resistant points.
Prediction-
Experts have predicted a very high bullish outlook for very long term prices. But the recent rally in the price could not sustain as it faced one resistance at 0.0077 USD. The price now is hovering around 0.0067 USD, but again with a resistance of 0.0070 USD, it is likely to rise to 0.0080 USD level. So, this makes a good time to purchase to get a 33 % gain in a few weeks. Medium term outlook is bullish with a target of 0.0125 USD with one major resistance. The medium-term investors and the long term investors are advised to play safe with their money and wait for the rally to happen again after resistant.
