After Its Recent Success, Where is VeChain Headed?

By March 31, 2021April 1st, 2021No Comments
Is Vechain ready to return - WazirX

VeChain is, of course, one of the most popular and original projects in the crypto ecosystem right now. It’s had some great successes, both in terms of adoption and market value. Recently, VeChain entered the price discovery phase in late January, breaking out of the previous all-time high (VET to USDT price was 0.028). It has been pulling 4x since then, and now the cost of a VeChain coin has reached 8.2 cents (on 18th March). 

After this astounding rally, all the investors are asking the same question” Is VeChain still a good investment?” Below are some of the best VeChain price predictions available in the market to help you with your analysis. 

But before we dive into that, let’s understand what VeChain is.

What is VeChain?

VeChain or VET is one of the few blockchains that is exclusively built for commercial uses; the VeChain blockchain only caters to the enterprise-level clientele. VeChain’s primary focus is to improve supply chain and product lifecycle management by implementing DLT(Distributed Ledger Technology). 

The VeChain blockchain ecosystem contains two tokens. The first one is the VeChain Token (VET) which is used to transfer value across the blockchain network. The second one is VeCHain Thor Energy (VTHO), the gas token to power smart contracts and other transactions. Both these tokens work in tandem to enable the VeChain network and have it operate optimally for its consumers and developers.

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And why do consumers and developers use VeChain over any other platform?

VeChain is gaining a lot of traction lately because it provides businesses the ability to track an enormous amount of data seamlessly. All this is done by creating a trust fee and distributed business ecosystem using the technology of blockchain, further improving accountability and reducing overhead.

With VeChain going on a bull run of its own, it’s natural to wonder if VeChain is still a good investment – whether it still has upside potential left or if it’s exhausted its rocket fuel. Let us look at the VeChain price prediction by some of the most famous crypto analysis companies. 

VET price prediction

Fxstreet

2021 prediction: Bullish

VET price prediction chart
Image credits: TradingView and Fxstreet

Fxstreet is bullish about VeChain, and their VET price prediction says that the rally has just started. The Fxstreet believes that the reason why Vet is so bullish is because of the ever-increasing user base. According to Fxstreet, VeChain has a very bullish RSI and EMA, which confirms its bullish uptrend when it breaks out from the ascending channel it currently is in. They are anticipating a minimum 43% price rise in the short term if this goes on (as of 18/3, the VET to USDT price is 0.083).

However, this is only possible if Vechain stays above its first support from the current level, i.e., US$0.007; if it breaks down this support, VET can retrace to 5 cents. 

Wallet Investor

2021 price prediction: Highly bullish

Long term price prediction: Highly bullish bullish

Long term price prediction
Image credits: wallet investor

Like Fxstreet, a Wallet investor’s VET price prediction says that VET will climb new heights this year.  According to Wallet Investor, the VET to USDT price will go as high as 11 cents this year. The five-year forecast of the same is as high as 29 cents. 

Wallet investor’s VET price analysis believes that this coin is worth buying, and there is no chance of a crash.

Crypto rating

2021 price prediction: bearish

Unlike others mentioned in the list, Crypto rating uses the concept of CVIX to analyze a coin. CVIX or Crypto Volatility Index of a coin depicts the volatility in the price action of the respective cryptocurrency. To give you a brief idea, CVIX below 20 is a predictable market, from 21-50 is a swinger’s market, and CVIX above 50 is an unpredictable and volatile market. 

According to the Crypto rating’s VET price prediction, the CVIX of VET is 70. This means we can expect sharp fluctuations in the market, and the past couple of months have been very volatile for VET. 

Note: The points mentioned above are not financial advice; they just give investors an insight into the coin and what various analysis institutions think about VeChain. So always do your own research.
Are you interested in buying VET from India? We have got you covered; check out the WazirX exchange, India’s best and busiest exchange with three trading pair currencies (USDT, BTC, and INR) and over a hundred cryptocurrencies to trade on.

Further Reading:

Bitcoin Cash Price Prediction: How much is it worth in 2021?

Ethereum price prediction: Will it hit $5000 in 2021?

Dogecoin Price Prediction 2021 : How much is it worth in 2021?

5 Critical Bitcoin Price Prediction For 2021

Digibyte Price Prediction : What’s in store for us?

TRON Price Prediction: How much is it worth in 2021?

Zilliqa Price Prediction: How will it perform in 2021?

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