Price Analysis

VeChain (VET) Price Analysis : Will the Developing VeChain have the Potential to be on the Bull Trend in Future too?

VET is a blockchain based platform that is specifically designed to boost the logistics arena of various organizations. It has already facilitated the supply chain management process with the use of tamper-proof and distributed ledger technology (DLT). VET enables its retailers and consumers with the ability to verify the quality and authenticity of the products that are bought. It is aimed to achieve a secure supply chain management ecosystem via asset digitization. It uses its own VeChain identity technology to mark and track a product.

Current status of VET

VET is currently trading at USD 0.005775 (UTC time 04:46). It has a present market cap of USD 320,277,835 with a circulating supply of 55,454,734,800 VET. Based on its market cap, it is at the 23rd position in the cryptocurrency market. It is currently running on a bull trend by -0.98%.

Price analysis of VET on the basis of VeChain charts

VechainFrom the above chart, it is evident that VET is currently getting traded at 0.005787 USD or 0.00000144 BTC (UTC time 04:54). Its current market cap has a value of 320,913,628 USD with 13,232,923 USD as its 24h volume. The same chart shows that approx. One month earlier, VET had a trading point of 0.004700 USD. So, considering these two price points, it is cleared that the value of VET has been increased by 23.12% in this approx. One month period with its earlier price point of 0.004580 USD as a good support resistance.

Future price predictions of VET

This year, VET has been rebranded as VeChain Thor, and its developers have already announced that they will make partnerships with eminent and global organizations like BMW. VET facilitates organizations to track their products throughout their entire supply chain process. Many reputed global companies are using VET to dignify their supply chain management process.

As per the prediction of Trading Beasts, VET is expected to trade around $0.02 by the end of this year. This is an optimistic prediction based on its current status. According to Mega Crypto, VET will be trading at $0.258 by the end of 2021 and around $0.612 by the end of 2023. Cryptoground assumes that VET can even reach to $4.10 by 2020 if its community expands greatly this year and with the efficient partnerships, it can launch new benefitting updates to revolutionize the logistics of different organizations.

VET is focusing on enhancing its community and partnerships this year. If it can keep up to its expectations, then, it can definitely have the chance to be on a bull trend. Otherwise, the crypto market is highly volatile these days so that it can deter the value of VET in the future.

Overall thought

There is no doubt that VET has already facilitated the supply chain management of various reputed global organizations and this is a contributing factor in enhancing its community. It is on its way to bring for development features to benefit and revolutionize the logistics arena. It depends on how well they can retain their expectations and the volatility of the crypto market to impact its value in the upcoming future.

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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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