VeChain (VET) Price Analysis : VeChain market on a consistent lucrative progress
VeChain is a blockchain based platform that was developed to improve the day-to-day business operations and to track the actual time of various business processes and products. The primary advantage of this platform is its tamper proof and distributed ledger technology that gives an in and out view of all the necessary information linked to the product- like quality, authenticity, storage temperature, and the manufacturing facility and the complete end to end processes- like storage, transportation, and supply. VET makes use of VID technology to mark and track a product.
VeChain opened its market trading at USD 312,007,618 on March 27 at 06:34 UTC. This Market Cap value is the basis for its position as the 23rd largest currency in the crypto market. The circulating supply of 55,454,734,800 VET coins out of a total of 86,712,634,466 VET along with the 24h supply of 18,691,211 raises the current market value to USD 315,712,275 at 10:19 UTC. Stats from coin Mcap confirm that VET is getting traded at USD 0.005626 or 0.00000141 BTC currently (10:19 UTC). The market traded at 250 million at the beginning of 2019 and reached the lowest of USD 201,852,216 on February 07 at 05:34 UTC. However, the overall market has been on a substantial increase. This brought the Mcap value of its all-time high of USD 336,137,354 to be traded at a higher rate of 0.006061 USD OR 0.00000150 BTC. There has been an average increase of 6.9% value with respect to both the trading price and value. The 20-day EMA display the cryptocurrency’s fair performance with the value growing from USD 251,595,497 on March 07 to the current value with a growth percentage of 25.48%. This increasing value gives the bulls an upper hand. Also, the trading price of VET from its past of 0.004537 to the current price of 0.005626 USD (10:19 UTC), a percentage increase of 24% provides a fair support resistance.
Based on the technical analysis by Wallet Investor, the trading price of VET might dip drastically by the end of 2019 and would go down to 0.000001 USD. However, the present market contradicts the predicted downfall which is very bearish pessimistic. Trading beasts give an evenhanded prediction of a minor increase in value that might give the price ranging between 0.01 and 0.02 USD. There are predictions for 2021 and 2023 by technical analyst site Mega Crypto that exhibits an extensive magnification of the price values of USD 0.258 and 0.612 USD respectively. However, there are plans of expansion of the cryptocurrency’s ecosystem and the creation of a new carbon system with the Chinese government by 2019. With such dominant development, there is expected a larger increase in the value of the cryptocurrency. Coin Switch estimates that VET might reach 0.020 USD by the end of 2019 with such advancements.
The market, on the whole, looks very positive for the buyers interested in the cryptocurrency. The consecutive rise in trading value and currencies will increase the count of long term investors. As per the predictions, VET is looking forward to crucial and significant advancements. This would bring about huge returns for the traders and the investors in the long run. VET’s market overall looks dependable, and this would increase the demand of the cryptocurrency in the future.
