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Price Analysis

VeChain (VET) Predictions: Some Internal Factors May Push VeChain towards Bullish Zone on Long-term

VeChain (VET) is a cryptocurrency platform with a special focus on supply chain management. It is based on Blockchain technology. The VeChain (VET) network provides different identifiers to different commodities, and it becomes easier for the users to keep a track on the price movement of the products. It has been in operations since 2015 and now it is actively being operated in many large cities like Singapore, Luxembourg, Tokyo, Shanghai, and Paris.

Current Statistics-

Vechain

  • VeChain (VET) is ranked at 25th in the global crypto market.
  • It has an ROI of negative 52.63 %.
  • The coins in current circulation stand at 55,454,734,800 VET.
  • The current market cap on 20th April at 02:04 UTC is 396,064,730 USD.
  • The value of each coin in terms of USD and BTC stand at 0.007142 USD and 0.00000135 BTC respectively.
  • The 24 h volume stands at 13,826,226 USD at the same UTC.

Comparison-

VeChain (VET) has seen many ups and downs since the start of the year 2019. It started the year with a price as low as 0.0039 USD. Right after crypto winter, the price was justified. But soon, with many variations, VeChain (VET) gained momentum. It faced an abrupt growth on 11th March and another on 1st April. But the growth after 1st April was not only short-lived but also full of uncertain movements. By comparing the current data with the previous month’s data, we can get a clearer picture. The market cap on 20th March was 311,316,467 USD. The value of each coin in terms of USD and BTC was 0.005614 USD and 0.00000139 BTC respectively. The current market cap is 27.22 % more than the market cap of last month, and the value in USD has increased by 27.21 % in the last 30 days.

Prediction-

As VeChain (VET) is now hovering around 0.007 USD level, we predict the coin to move in this order for a week before finding resistance at 0.0075 USD to 0.008 USD level. The resistance will have not much impact. After the resistance, the price is predicted to move. By the end of 2019, the price should be at 0.015 USD.

Conclusion-

We advise the short term investors to wait for the correct time to buy a coin as the coin is now moving with abrupt changes. The short term selling should happen at around 0.0075 USD. Long term holders will be benefitted by over 200 % by the end of 2020 1st quarter.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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