What is VeChain?
VeChain is a blockchain-based supply chain management technology that allows companies to manage their global supply networks by steadily generating unique digital IDs for each product. This is managed by keeping an eye on the movement and authenticity of items, from raw materials to final goods.
The VeChain blockchain also targets reducing fraud, added trust, and efficiency in the overall company, and that's why top global businesses like BMW, Walmart, BYD Auto, Bayer, and LVMH are using this blockchain technology.
VeChain has 3 types of levels: blockchain, wallet, and tokens [two different tokens: VeChain Token (VET) and VeChainThor Energy (VTHO)]
The network comprises nodes (these nodes process transactions). Nodes are controlled by token holders who can vote for projects for VeChain Network.
Before jumping to the Vechain price prediction and analysis, you should take a look at the fundamentals.
VeChain Price Prediction For 2023
- Support: $0.022 - $0.021
- Resistance: $0.033
In the above chart, you can clearly show that Vechain (VET) creates a Box pattern where the high is $0.033, and the low is $0.021.
It takes support more than 15 times near the $0.021; that's why this is a very crucial level, which means if the daily candle closes that level, we may see a big fall.
The weekly chart shows that VeChain (VET) has dropped by more than 90% over the past 15 months. Currently, it finds support at around $0.0210, which will act as a resistance zone in August 2020 and June, July, and Sept 2022.
Currently, in my opinion, it's in a recovery state, and a big move could happen.
The support range is between $0.021 and $0.022; if the price rises, the next resistance range is around $0.033 to $0.034.
However, in the rejection face, the next area is $0.010 if the price cannot hold the support zone and the 1 week Candle closes below $0.020. Also, there may be strong chances for a complete rebound up to $0.33 if prices maintain the next level of $0.020.
Long-term price movements follow a Zig-Zag pattern, also known as Higher High - Higher Low (For Up Side) and Lower Low - Lower High (For Down Side). Anyone can see in the above chart that currently Vechain (VET) at LL and LH pattern, which indicates every significant fall requires some reverse momentum.
The current price of (VET) VeChain Coin is $0.0167
You can use the Relative Strength Indicator with a comparative symbol of BTCUSD In TradingView.
How far Vet Coin can reach depends entirely on how many businesses use this blockchain technology and conduct transactions. But if the cryptocurrency is a future and the VET closes above the $0.28 price level mark based on the weekly chart, it has a good chance of reaching $1 as soon as possible.
Many businesses use Vechain Blockchain Technology to track their products across the global supply chain. As the platform VET is doing well, Vechain is trading for roughly 90% less than its all-time high price, so as crypto investors, we should analyze before taking any investing decisions.
Everything is possible and also not. Things work on cause and effect. Talk about crypto; growth is based on how fast people adopt this technology for business and transactions. Let's say that if all companies use the Vechain Blockchain Platform to track their products on the global supply chain, it may easily cross the $10 price mark.
Because no one can predict 2030, the question is foolish. As traders or investors, we should concentrate on the risk-reward trade ideas for today, this week, and this month rather than what will happen 10 years later. We should make our trades based on fundamentals, logic, technical, and market sentiments.
The information provided in this article is not financial or investing advice. The author does not make any warranties about this information's completeness, reliability, and accuracy. The cryptocurrency market is volatile, and it can be difficult to predict which coins will rise and fall in value over time. Any investor should research multiple viewpoints before committing to an investment.