Price Analysis

VeChain (VET) Price Predictions: Short Term Trends Are Bearish, but Partnership with Producers of GOT may Pull It Through

VeChain (VET) is a blockchain ecosystem focused mainly on enterprises. VeChain aims to enhance supply chain management by connecting blockchain technology with the real world. According to its developers, this can be achieved through ‘a comprehensive governance structure, a robust economic model, and advanced IoT integration.’ VeChain was started in 2015 and described itself as ‘a pioneer of real-world applications using public blockchain technology.’ Using VeChain, manufacturers can assign unique identifiers to products on the platform. It further allows participants to track the movement and provenance of products in a supply chain ecosystem.  VeChain (VET) has international operations in various countries including Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.

VeChainOn April 22, at UTC 09:44, according to coinmarketcap.com, VeChain (VET) was trading at USD 0.006955. At the same time, it’s market capitalization was around USD 385,713,446 with a total of 86,712,634,466 VET coins in circulation. In comparison to BTC, it was valued at 0.00000132 per chip. Moreover, VeChain’s last 24 hours trading volume was approximately USD 14,997,057. With currently ranked at 24th place in cryptocurrency ranking, VeChain (VET)’s Return on Investment (ROI) rate is in negative and that too at -53.76%. On March 28, it was trading at $ 0.005878, however, today after 25-days, its value raised to USD 0.006955 with a hike of almost 18.4%.

Let’s analyse the historical change in the value of VeChain (VET):

  • All-Time High                                                           0.019775 USD (Sep 04, 2018)
  • All Time Low                                                             0.003282 USD (Dec 15, 2018)
  • Yesterday’s High / Low                                           0.007067 USD / 0.006614 USD
  • Yesterday’s Open / Close                                        0.007025 USD / 0.006816 USD
  • Intraday Change (Yesterday)                                -0.000209 USD (-2.98%)
  • Yesterday’s Volume                                                  12,952,560 USD

Prediction:

Based on the last 30 days trading, VeChain (VET) seems to follow a bullish trend. However, in such a volatile market, it is not possible to make any certain prediction especially when it comes to altcoins. In general, altcoins follow a similar trend as Bitcoin which seems to be bullish at present, and that is a good sign for those willing to invest in VeChain (VET). There was a piece of good news for VeChain last week when VeChain announced its partnership with the producers of Game of Thrones, and that resulted in a hike in the value of the coin. Although many analysts suggested that VeChain (VET) prices may drop to the level of $ 0.007 in coming weeks, the long term prediction of an altcoin is bullish according to most of them. And it is the perfect time for long term investors for buying. The project has broken many milestones in the last 18 months, and its long term prediction will be rising as long as news comes out in its favor.

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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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