[Updated August 14, 2022] Vechain didn’t see the end of the year it would have hoped for after experiencing an attack in the last month of 2019. The breach saw Vechain Foundation lose VET tokens worth over $6 million and was attributed to human error, consequently leading to the platform’s CFO stepping down. After the Foundation did issue an announcement claiming to have corrected the mistake and left the final decision on whether to burn the stolen tokens or not to the Vechain community.
- Experts’ Opinion On Why Vechain Will Rise
- Vechain Price News
- The Effect of Vechain THOR on VET Price
- More Transactions Coming Means More VET Price Pressure
- Vechain Collaboration With Amazon Web Services
- VeChain Works With Walmart China To Power A Food Safety Platform
- VeChain (VET) Price Prediction TradingView Analysis Updated April 11, 2021
Price-wise the VET token is likely to benefit massively from the Chinese government embracing the blockchain technology. Last October, the president of China Xi Jinping said that the application of the blockchain tech was going to play a crucial role in the new technological innovation and industrial transformation.
In this piece, we are going to take a look at a few expert predictions, technical analysis, and recent events that have the potential to push the price of Vechain higher this year.
Looking for the best place to trade for Vechain’s VET token? You can do so with ETH, BTC, or BNB on the Binance exchange.
Experts’ Opinion On Why Vechain Will Rise
You should watch out for what crypto expert says about your favourite coin’s future price. Even though their predictions may not be exact, they certainly impact the market. Let’s take a look at some expert opinions on VeChain’s future price.
According to Roger Ver, also referred to as “Bitcoin Jesus,” and one of the most influential voices in the crypto sector, VeChain has a bright future. He argues that the platform’s primary mission is to solve real-world problems and has applications serving many industries. Ver stated that, as much as he is interested in the blockchain that enables a permissionless peer to peer digital cash system, VeChain has some exciting ways of using them to stop counterfeit goods and make P2P permissionless markets more trustworthy.
Tim Draper, a Silicon Valley legend, a renowned investor in many companies, as well as a big believer in digital currencies, joined the VeChain team early last year. This move was lauded by the VeChain Foundation, who stated that Draper and the platform has a similar vision as regards to the future of cryptocurrencies and blockchain solutions.
In 2020 the price of VET is expected to be full of spikes, and if the altcoin market experiences significant bullish momentum, this could push the price of the token toward the $0.5 level. Indeed, we have seen that in 2021 the digital currency was able to reach a high of $0.23.
Everything will clearly depend on how the digital currency follows the trend led by Bitcoin (BTC). VET is now the 13th largest in the world and it could continue growing in the coming months if the bullish market continues.
Vechain Price News
This month has seen VeChain surge more than 100%, and for the first time since the summer of 2018, VET has broken the 200-day exponential moving average (EMA). Within the period, the coin has also managed to break a 14-month long downward trend. The gains can be attributed to the Chinese president Xi Jinping embracing the blockchain technology.
As we mentioned before, VET price is currently $0.23 and it has a market valuation of $14.79 billion.
The price prediction and outlook for the next 3 to 6 months will be based on a conservative approach—but anything can happen with cryptocurrencies and major price movements can happen at any point in time, like how BNB early in 2021 went from $40 USD to over $500 USD in just a few days.
Based on factors considered, our price prediction for Vechain will be from $0.015 to $0.040.
This is due to the factors explained below, including the price of THOR (VTHO) tokens and its use and Transactions on the VechainThor platform. However, there are other factors to take into consideration.
If the market enters a new bear trend, then we could see the coin moving downwards in the coming months. Additionally, VeChain is working with several companies such as PWC and Salesforce in order to offer new enterprise-level solutions to clients.
Disclaimer: we are not financial advisors and the information provided in this article should not be considered investment advice. This is for educational purposes only. We are not responsible for any decision you could make following this guide.
The Effect of Vechain THOR on VET Price
Ultimately, many believe that the value of the VET token will come down to the value of THOR it produces. So what is the value of THOR? Well, we know that the minimum production rate is going to be .00042 THOR per VET per day, but how much is 1 THOR worth?
We’re not quite sure yet. There hasn’t been much THOR price action in the first two months because the volume has been low. Many seem wanting to hold their THOR until volume appears to increase the price.
Also, the only place it’s available to trade is on the LBANK exchange. This will all change in the coming months once OceanEX trading platform comes live at the end of October.
OceanEx will be running of VechainThors blockchain platform and holders will have the ability to convert or reinvest VTHO straight into VET and thus increasing the VET price. This could be one of the many reasons why VET price could rebound.
Demand for THOR will also increase once Vechain’s enterprise partners start using the blockchain. Everyone for this moment as the project really “comes to life”.
Most of the enterprises are currently on test net running testing transactions, but this will soon change. We are expecting a migration over to main net soon where we will see an increasing number of transaction and smart contracts to occur before the year ends. Transactions can be monitored on Veforge.
There are many other partnerships between VeChain and recognized companies in the market. For example, the Norwegian Royals have witnessed VeChain and DNV GL agreement some months ago. This is certainly bullish for the entire crypto market that is expanding on a daily basis.
More Transactions Coming Means More VET Price Pressure
The more transactions and smart contracts on the chain mean more VTHO will be burned. These transactions require VTHO to be used and burned.
As more VTHO is burned, enterprises will need to go on the market to buy more VTHO in order to execute blockchain writing. This would thus increase the value of VTHO. If an enterprise doesn’t want to go this route, it could buy VET and produce its own THOR; a move which should see a price increase in the native coin (VET), still boosting the value of holders.
While all of this happens, Vechain is currently in talks with the Chinese government to create a new carbon ecosystem—this time with multiple participants (large enterprises) that could. take part. This would be even bigger than BYD’s Carbon Credit application for electric vehicles. Vechain could find itself as the primary blockchain for an entire ecosystem of the “tracked” economy within Chinese initiatives.
Vechain Collaboration With Amazon Web Services
On February 18 VeChain announced that it had partnered with Amazon in a move that will see the network of the cryptocurrency grow and also boost its price in the next few months. The blockchain has launched an integrated one-click solution into the Amazon Web Services cloud that will allow many enterprises to deploy quick, compliant and secure blockchain applications.
The integration will be through VeChain’s Blockchain as a Service (BaaS) which was launched in 2016. The platform combines many different solutions including identify verification, NFC+RFID chips, enterprise IT services, and blockchain encryption all of which are used to offer a complete IT solution.
The BaaS platform will now allow different businesses to build up and use their own blockchain applications even if they don’t have any technicality. It will be easier for companies to run their smart contracts on the cloud.
With the one-click solution, VeChain’s BaaS solution will utilize the AWS CloudFormation and enable customers to deploy just one click. This will help eliminate the cumbersome manual deployment that is associated with the emerging industry.
The new collaboration was met with excitement among the VeChain community and as of the time of writing VeChain has gained 16% over the past 24 hours. This positive momentum is expected to continue over the next few months as VeChain establishes itself as the number one blockchain platform.
VeChain Works With Walmart China To Power A Food Safety Platform
Walmart China has recently announced a new VeChain powered food traceability platform. The goal is to provide consumers with the possibility to have more information about the quality of the food they are buying.
Users will be able to scan the QR code from different products sold in China and understand how they have been produced.
Liu Xiaoen, Chief Purchasing Officer of Wal-Mart China, commented:
“Wal-Mart has always been committed to becoming a retailer trusted by consumers. In the 23 years since entering China, Wal-Mart has continuously strived to improve food safety and quality management. Blockchain technology will help Wal-Mart become a leader in commodity retrospective management in the retail industry.”
With this new traceability system, it will be possible to see traceable fresh meat account for 50% of the total sales of packaged fresh meat, vegetables will account for 40% of the total sales for packaged vegetables. Furthermore, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.
This is very important for VeChain holders that are trying to understand how the digital currency is going to behave in the future. As per VeChain Insider, the recent increase in transactions on the VeChainThor blockchain can be related to Walmart going live on-chain with 23 different products.
All the transactions will require VTHO that is generated by VET. There are 37 million VTHO generated each day. More than 20 million VTHO are also burned every single day. In the future, the number of transactions could grow since Walmart is expected to scale the platform by another 100 product lines.
It is worth mentioning that this is going to be just one of the partners of VeChain. As the product shows positive results in Walmart China, there may be new interested parties in improving their solutions by implementing blockchain technology through VeChain.
According to the team behind VeChain, there could be over 2 million daily transactions with the help of Walmart China. This would make VeChainThor a bigger network than Bitcoin (BTC) and Ethereum (ETH) combined.
There are also other companies around the world that are already using blockchain technology in order to track different products in supermarkets. This is very positive for individuals that would be able to have more information regarding the products they purchase in different retail stores in different countries.
Fundamentals are very important for a cryptocurrency network. During periods of weak growth or a bear market, it is very important for crypto and blockchain projects to remain active improving the solutions they offer to individuals. VeChain continues to expand in the market. Since the beginning of August, the number of accounts with more than 1 VET grew by almost 4%.
It will be very important for companies to embrace VeChainThor and improve the products and services offered. This is going to help increase the adoption of VeChain and help increase the price of the VET digital asset. More partnerships and agreements with firms are going to be very bullish for the long-term price of this digital asset.
VeChain Price in 2020 and 2021
VeChain has had a relatively positive 2020 with a bullish 2021 thanks to the expansion of Bitcoin (BTC) and other virtual currencies. We see that in 2020 the virtual currency has been affected by the Coronavirus sell-off in March, but it fastly recovered (faster than other virtual currencies) hitting a price per coin of $0.022. This price increase was related to the possibility for VeChain to become a key player in terms of supply chain improvements around the world.
But this was not all. In 2021, the price increase experienced by VET was even larger and it allowed the virtual currency to remain among the top 40 largest cryptocurrencies in the world. In 2021, VET surged above $0.25 in May, when all the other virtual currencies were hitting new all-time highs.
However, VET has also experienced a correction from $0.25 to $0.057 per coin. This allowed the virtual currency to enter another accumulation period that lasts until now. The coin has been traded between $0.057 and $0.15 per coin. Most of the time, the price was close to $0.10.
It would be definitely important to understand what could happen with VeChain in the coming years as a cryptocurrency that could become certainly one of the most valuable in the world. This would only be possible as a blockchain that will definitely power the supply chains that have been highly disrupted in recent years and that are experiencing different bottlenecks all around the world.
VeChain (VET) Price Prediction TradingView Analysis Updated August 14, 2022
For this VET/USDT trading analyst the virtual currency could move in the near future to 0.04 USDT and continue with the bull trend that started a few weeks ago in the crypto market. As we can see, this coin is following the general trend that other virtual currencies have.
It will be very important to know where Bitcoin (BTC) is moving and how this could have an impact on VET and other digital currencies. The expert says that we should be prepared for what can happen in the near future for this digital asset as the coin started a new bull trend.
This cryptocurrency expert shows that VET is currently located in a horizontal channel in which there have been three touches of the bottom boundary and three touches on the upper boundary. He explains that, in a longer time-frame, this is forming a head and shoulders (inverse) pattern that has a neckline at 0.0333 USDT per coin.
The analyst says that the horizontal channel shows that the coin has been in a sideways trend. These types of patterns get formed when there is a consolidation period around a particular price level. For this analyst, a horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
The expert has also shared some resistance and support levels as follows:
Resistance Level 1 $0.02667
Resistance Level 2 $0.03366
Resistance Level 3 $0.04358
Resistance Level 4 $0.06823
Support Level 1 $0.02025
This virtual currency has reached a very important support level at 0.02225 USDT that has helped the digital currency stay above it. Despite the recent move downwards that the cryptocurrency market experienced, there might be a possibility for VET to start moving higher once again, according to this analyst.
As per the analyst VET could hit 0.18 USDT in the future if the market changes its trend. Nevertheless, the coin might face some resistance in the future as it has been very difficult for it to start a new bull trend. The analyst says that it is an “awesome” moment and a very good buy zone to make a long bet on VET for the coming weeks. It would be very important to know how the market behaves in the near future and whether VET follows the trend.
VeChain is another virtual currency that has been dragged lower due to the current bear market in the cryptocurrency industry. The analysis shows that the coin is at a strong support level of 0.020 USDT which has helped the price of this digital currency to stay afloat. As he also shows, there is another support level between 0.00963 USDT and 0.01137 USDT per coin. This could be very important for VET in case the market continues to move lower.
The analyst says that timing the tops and bottoms is not important and it does not work. It is a good thing to do a Dollar Cost Average (DCA) for those investors that believe in the long-term of this project. When it comes to the RSI, the expert says that it is currently forming a falling wedge. A breakout could be the beginning of a new rally.
This VET/USDT analyst sees the coin in a parallel channel that ranges between 0.0222 USDT and 0.02505 USDT per coin. This comes after a strong sell-off that started in May with the destruction of the Terra (LUNA) ecosystem and with Bitcoin reaching new lows in more than one year.
As the expert says, everybody is looking for a crypto bottom right now. However, he says that it is impossible to predict. This analyst says that in the short term, VET found support at 0.022 USDT and that there could be a move higher in the near future. However, it is important to pay attention to the resistance price of 0.2505 USDT. If the market starts moving higher, the analyst says that we could expect VET to move even higher and hit 0.027 USDT in the near future.