Price Analysis

VeChain (VET) Price Prediction: Can Deloitte’s Client Migration Save VeChain from Drowning?

VeChain (VET) is supply chain management centric cryptocurrency. It is supported by blockchain technology. It is operated through a whole network, and this network allots different identifiers for different commodities. This makes easier for the users to identify and keep a track on the price movement of the particular commodity. It was created in 2015 and now predominantly expanding its market on many major metros all over the globe.

Current Statistics-

Vechain

  • VeChain (VET) is the 26th largest coin in the global crypto world.
  • The ROI of VET stands at negative 56.28 %.
  • A total of 55,454,734,800 VET coins are in current circulation.
  • The market cap of VET as on 3rd May at 03:44 UTC stands at 363,732,930 USD.
  • The value of each coin stands at 0.006559 USD and 0.00000118 BTC.
  • The 24h volume stands at 11,076,152 USD.

Comparison-

VeChain (VET) started the year with a relatively lower value. However, it has managed to get a gradual growth over the last 4 months. There were few instances of rapid downfall, but they were again monetary. A rapid rise was seen after the 1st April boom. After the boom, the coin is now undergoing price correction. It is on a downfall currently. The market cap on 3rd April was 393,255,060 USD and the current market cap is 7.5 % less than this value. Similarly, the value of each token was 0.007091 USD. And the current value of each token has decreased by an equal 7.5 % since the last month.

VeChain (VET)’s last 24 hours trading pattern is crucial to watch. It has shown 2 large falls with some gradual growth. The range of value in the last 24 hours stands at 0.0003 USD.

Prediction-

Recently, Deloitte – a major consulting firm declared that some of its major clients have decided to migrate to VeChain from Etehreum. Many consulting firms use the Distributed Ledger Technology (DLT) of VeChain along with Deloitte. However, this news is expected to work ominously for VeChain’s growth. We predict the coin to grow with a stable outlook for now. The resistance should be at 0.0075 USD, 0.0080 USD and 0.0085 USD. The long term outlook is also bullish.  By the end of 2019, the value should be at 0.025 USD.

Conclusion-

As far as the current market scenario is concerned, we advise the speculators to stay out of the market. The value will surely move upwards but the path will be full of uncertainties. For long term investors, this is a good time to buy.

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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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