- A developing pattern has been observed to repeat itself in this VET price prediction 2021.
- Bullish VeChain price prediction 2021 range is from $0.12 up to $0.15.
- Bearish VeChain price prediction for 2021 is $0.011.
This VeChain Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our VeChain price analysis and prediction.
The crypto market is continuously growing at an ever-accelerating pace. With the surge in investor participation and increasing dissatisfaction with traditional markets, crypto is becoming more diverse. Is VeChain one of the cryptocurrencies that are enjoying this financial upheaval? We will know in this VeChain price prediction article.
However, apart from its price, how much do we know about VeChain? Better yet, what is VeChain? Let’s find out about VeChain in this VET price prediction article.
What is VeChain?
VeChain is a blockchain-based platform that aims to improve the supply chain management of companies and organizations. It has partnered with various household names in different sectors. Some of these include BMW, Royal Melbourne Institute of Technology, and Oxford University.
At the helm of VeChain is Sunny Lu, who once worked for Louis Vuitton China and built massive IT and cybersecurity infrastructure.
VeChain has a public blockchain called VeChain Thor. It enables smart contracts, decentralized applications (DApps), on-chain governance, and more. Its native crypto asset has the ticker VET, which is available for trading on different exchanges.
Now that we have a little background on what is VeChain, let us proceed to our VeChain price prediction. Let us start analyzing VeChain price’s recent movement.
VeChain Price Analysis (Jan 25 – Feb 1, 2021)
VeChain joined the rest of the crypto market in the December 2020 rally, even though most have undergone retracements. Nevertheless, is VeChain a good investment this 2021? Let’s find out in this VET price prediction 2021.
VET’s most recent trade opens and closes fell below the 50-day Simple Moving Average (SMA) and the 30-day Exponential Moving Average (EMA). This shows that VET’s price performance is underwhelming, to say the least.
However, we recently saw a Falling Wedge pattern for our 4-hour chart, which hints at a possible trend reversal. To the relief of VeChain supporters, a Falling Wedge is a bullish indicator.
On the other hand, traders still need to be cautious since we saw VET take a dip below the foreseeable support level last January 22. This may prove problematic if VET indeed breaks out. If a whale decides to sell his VET before the bulls have regained the market from the bears, our Falling Wedge pattern may become invalidated.
Now that we are done with our VeChain price analysis, will our VET price prediction 2021 tell a more interesting tale? Let’s find out in this VeChain price prediction 2021.
VeChain Price Prediction 2021
VeChain Foundation recently announced the launching of Sync 2, a cryptocurrency wallet application that is compatible with any smartphone, PC, or browser. The VeChain team created this wallet to fast-track the mass adoption of DApps built on the VeChain Thor blockchain.
With this, what will VET’s price be this 2021? Let’s get to the bottom of it in this VeChain price prediction.
Looking at the VeChain price chart for the last 9 months, we can observe a pattern repeat itself after 6 months. First, we saw the market test a strong resistance level and fail once. Then, VET tried to break the resistance in a second attempt and actually succeed. Once it did, we saw it reach at least two highs before going down again.
When the same pattern occurred this January 2021, we saw that VET took more time to test the key resistance level. This took more time than the previous pattern, but the movement looked similar. Again, it failed to break through the ceiling, albeit in a short duration only. After this, VET went on to reach two highs before going down once more.
In the first pattern, VET reached at least $0.0218 and $0.0229 for its highs. Meanwhile, VET hit as high as $0.0323 and $0.0352 in the second pattern. This is roughly a 75% increase. Also, the second breakout did not last as long as the first.
Taking these facts into account, VET may replicate the pattern after 6 months. If and when it does, a 75% increase from $0.0352 would be around $0.06. Nevertheless, we should not discount the fact that more and more traders and institutional investors are betting their money on crypto.
If the crypto market continues to improve its performance this year, we may see VET’s price reach more than double. That said, we may see VET hit $0.12 up to $0.15.
Conversely, if the bears gain the upper hand, VET might plummet as low as $0.011 within 6 months.
For the relief of crypto traders, VET may start to pump soon. This is because the Relative Strength Index (RSI) at 49.76 shows that VET is neither overbought nor undersold. With the current market movement, VET has a better chance to increase than it has to decrease.
In conclusion, our bullish VeChain price prediction 2021 range is from $0.12 up to $0.15. Meanwhile, our bearish VeChain Price prediction for 2021 is $0.011.
VeChain is a technology ecosystem that uses blockchain technology to improve business processes, particularly supply chain management. It has its own public blockchain called VeChain Thor.
VeChain enables enterprise-grade DApps for supply chain management and other similar use cases. It also has a native cryptocurrency that functions as the gas within its ecosystem.
VeChain is a good investment for 2021, especially because it is undervalued. However, cryptocurrencies are known to be very volatile assets.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.