VeChain (VET) Price Analysis: VET Invaded Deloitte, So, Will This Affect Its Price?

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VeChain lies in blockchain technology that is specifically designed to dignify the supply chain management process. It uses Distributed Ledger Technology and Tamper-proof technology to provide retailers and consumers with the ability for detecting the quality and authenticity of the products that are brought. It aims to establish a secure supply chain management ecosystem with asset digitization. It uses VeChain Identity Technology for tracking and marking a product.

Current status of VET

VET is currently getting traded at USD 0.006886 (UTC time 04:17). With a market cap of USD 381,853,767 and a circulating supply of 55,454,734,800 VET, it is the 25th largest crypto in the crypto sphere.

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Price analysis of VET

VeChain chartThe above chart shows that VET is currently getting traded at 0.006867 USD or 0.00000123 BTC (UTC time 04:20). Its present market cap is worth of 380,790,398 USD with a 24h volume of 17,287,463 USD. The same chart shows that approx. One month earlier, VET had a price point of 0.005878 USD. So, within this period, the Value of VET has been raised by 16.82%, and 0.006557 USD has provided a good support resistance to this hike.

Future price prediction of VET

VET’s partnerships are amplifying day by day. Big business giants are teaming up with VET using its VeChain nodes and blockchain for their business purposes. There has been an announcement of the debut of ToolChain during VeChain summit. It is a developer suit to those users who want to have it on VeChain blockchain. It was also revealed in the summit, that Deloitte, a professional services firm has migrated to VeChain Thor blockchain from Ethereum blockchain. This is indeed a significant victory of the VeChain that is surely going to have a positive impact on its price. Deloitte is one of the big four professional services firms. VeChain had already boarded PricewaterhouseCoopers in 2018. So, now, both of these firms will be building a solution using the VET’s blockchain. To be really optimistic, we think, that it can trade around $0.25 by the end of this year. If VET continues to rise like this, we assume that it can at ease strike the mark of $1 this year.

Conclusion

VET is making ample developments and partnerships that are significantly affecting its status. It will definitely hike up in future as major crypto enthusiasts also have high hopes from this coin. It is worth investing in this crypto.

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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