Price Analysis

VeChain (VET) Price Analysis: Potential Strategic Partnerships Are The Only Hope Of VeChain

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VeChain (VET) is a cryptocurrency backed by blockchain technology with a special focus on Supply Chain Management. This platform is completely decentralized and offers anonymity. It claims to have “a comprehensive governance structure, a robust economic model and advanced IoT integration.” Within years of operation, it is predominantly available in major cities like Singapore, Luxembourg, Tokyo, Shanghai, and Paris. The network assigns different identifiers to different products through which the value and progress in the pricing are being tracked.

Current Statistics-

VechainVeChain (VET) is the 25th largest coin in the global crypto world. It has an ROI (Return on Investment) at negative 60.40 %. The total numbers of coins in current circulation stand at 55,454,734,800 VETs. The current market cap of VeChain as on 30th April at 03:14 UTC stands at 330,126,877 USD. And the value of each coin stands at 0.005953 USD and 0.00000113 BTC. The current 24 h volume stands at 11,723,760 USD at the above mentioned UTC.

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Comparison-

VeChain (VET) started the year with a very low price at 0.003 USD. It has shown many instances of sudden growth and fall over the last 4 months. But the highest point was achieved on April 03rd at 0.0078 USD as the effect of the April 1st market boom. The market cap on 30th March was 327,494,250 USD. And the value of each coin was 0.005906 USD and 0.00000144 BTC. The current market cap is 0.80 % more than the market cap of 30th March and the value of the individual coin has inflated by 0.79 % in the last 30 days.

Prediction-

As mentioned earlier, the value of each VET coin is falling now. It is still unclear how many more time the price correction will take to see the ending. We predict the coin to rise by the end of May. It will rise to 0.0075 USD to find resistance. Once it encounters the resistance, the path will be much easier for VET. By the end of 2019, the value should be at 0.01 USD minimum. And by the end of 2020, we predict the value to touch at least 1 USD. It should be remembered that the price variations will be there throughout the next 2 years.

Conclusion-

The value is huge decline making it the worst time for speculators. But the short term investors will be profited if they wait until the next resistance which may fall after May. The long term outlook is bullish. Investors can get a yield of as high as 300 % on their investments if they hold till 2020.

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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