Will VET Price Hit $0.035 Soon?

• Bullish VeChain (VET) price prediction ranges from $0.0155 to $.0.034
• Analysis suggests that the VET price might reach above $0.03291
• The VET bearish market price prediction for 2023 is $0.01798.

VeChain is a platform built on the blockchain that promises to help businesses and organizations manage their supply chains better. VeChain (VET), formerly known as VeChainThor, is a platform that aims to lower entry barriers and make it possible for current enterprises to utilize the benefits of blockchain technology to address real-world issues.

If you are interested in the future of VET and want to know its predicted value for 2023, 2024, 2025, and 2030, keep reading!

VeChain (VET) Market Overview

What is VeChain (VET)?

VeChain (VET) is a versatile L1 smart contract platform for enterprises. VeChain originated in 2015 as a private consortium chain, collaborating with a variety of businesses to explore blockchain applications. VeChain began its move to the public blockchain with the ERC-20 token VEN in 2017, before establishing its mainnet in 2018 under the ticker VET.

VeChain’s VeChainThor is a platform that intends to lower entry barriers and empower existing enterprises to leverage the value of blockchain technology to solve real-world issues. On its blockchain, VeChainThor stores an increasing number of business application values. In a word, VeChainThor aims to provide technical features tailored to the actual requirements of developers, users, and businesses.

The platform uses two tokens, VET and VTHO, to manage and produce value on its public VeChainThor blockchain. VET produces VTHO and serves as the value store and value transfer medium. VTHO is utilized to pay for GAS fees, freeing VET for data writing. This has the added benefit of ensuring that network costs may be kept steady by adjusting variables such as the amount of VTHO required to service a transaction or by increasing the pace of VTHO generation. +Such actions first require all-stakeholder community votes.

Sunny Lu is the creator and co-founder of VeChain. VeChain was founded to challenge traditional business paradigms, and it is most known for its work in the supply chain, an area that has altered little over the years. Its efforts to provide a decentralized trust layer for multi-party ecosystems have already shown significant results with high-profile clients and government agencies.

Consequently, the VeChain platform is appealing to a diverse range of businesses and consumers. According to the official VeChain documentation, the network’s unique selling point is its dual-token setup, along with transformative protocols like ‘fee delegation’ and its one-stop ‘ToolChain’ platform, which allow crypto-averse businesses to pay in fiat for VeChain’s Blockchain-as-a-service while smart contracts handle gas payment costs, guaranteeing frictionless use of the network even in strict jurisdictions.

Compared to technology like Bitcoin, VeChain’s (VET) proof-of-authority (PoA) token only needs a little processing power to ensure network security.

VET Current Market Status

VeChain (VET) has a circulating supply of 72,714,516,834 VET coins while its maximum supply is 86,712,634,466 VET coins, according to CoinMarketCap. At the time of writing, VET is trading at $0.0193 representing 24 hours decrease of 0.03%. The trading volume of VET in the past 24 hours is $43,878,916 which represents a 25.50% increase.

Some top cryptocurrency exchanges for trading VeChain (VET) are Binance, KuCoin, Bithumb, and Bitfinex. 

Now that you know VeChain and its current market status, we shall discuss the price analysis of  VeChain (VET) for 2023.

VeChain (VET) Price Analysis 2023

Will VET’s demand continue to rise up as time passes? Moreover, would the changes in the digital asset industry and privacy coins affect VET’s sentiment over time? Read more to find out about VET’s 2023 price analysis.

VeChain (VET) Price Analysis – Bollinger Bands

The Bollinger bands are a type of price envelope developed by John Bollinger. It gives a range with an upper and lower limit for the price to fluctuate. The Bollinger bands work on the principle of standard deviation and period (time). 

The upper band as shown in the chart is calculated by adding two times the standard deviation to the Simple Moving Average while the lower band is calculated by subtracting two times the standard deviation from the Simple Moving Average. When the bands widen, it shows there’s going to be more volatility and when they contract, there is less volatility. 

When Bollinger bands are used in a cryptocurrency chart, we could expect the price of the cryptocurrency to reside within the upper and lower bounds of the Bollinger bands 95% of the time. The above thesis is derived from an Empirical law. 

The sections highlighted by red rectangles in the chart above show how the bands expand and contract. When the bands widen, we could expect more volatility, and when the bands contract, it denotes less volatility. 

Currently, the Bollinger bands are moving downward while maintaining a constant distance apart, hence, it is quite unlikely a large price increase or decrease could happen. Moreover, VET has touched the lower Bollinger band, as such, we could expect the prices to retrace back towards the Simple Moving Average (SMA). This presents an excellent opportunity for traders to enter the market. But, timing the market and the trend reversal could be hard. 

This is because VET usually tested the bands continuously for some time before it retraced, hence, we never know for how long it may keep hugging the lower band. Furthermore, it may feint with small movement towards the SMA while the real retracement would be far away. 

As such, when traders enter a long position, they may consider having their stop loss, a bit further down, than usual to give VET some slack before it actually retraces.

VeChain (VET) Price Analysis – Relative Strength Index

The Relative Strength Index is an indicator that is used to find out whether the price of a security is overvalued or undervalued. As per its name, RSI indicators help determine how the security is doing at present, relative to its previous price. 

Moreover, it has a signal line which is a Simple Moving Average (SMA) that acts as a yardstick or reference to the RSI line. Hence, whenever the RSI line is above the SMA it is considered bullish and if it’s below the SMA then it is bearish. 

When considering the first green rectangle from the left of the chart below we can see that the  RSI is below the signal. Hence, VET is bearish and as a result, it is making lower-lows. 

The second green rectangle shows that the RSI line (purple) is above the Signal line (yellow). As such, VeChain (VET) is bullish or gaining value. Therefore it is reaching higher highs as shown in the chart. 

Currently, the RSI of VET is at 38.80 and it is tilting towards the oversold region. More importantly, when considering the area of trend reversals, VET had a trend reversal quite close to where RSI was valued at 34. Hence, we may see VET further fall before the market corrects the price. Once VET reaches the rock button, it could present an excellent entry point for buyers. 

To properly adjudicate this scenario, it is better for the investors to wait for the market to make a move, before making any vital moves. It would be better if they wait for the RSI line to cross the signal to make sure that the trend is actually changing. 

However, in the event that they wait for the RSI to cross the signal line, there is also a chance of losing some percentage of profit that could be gained. As such, those looking to cash in on the lock, stock, and barrel should consider using another indicator or a combination of indicators for ensuring the probability of the occurrence of a trend reversal.

To deduce whether a cryptocurrency is bearish or bullish, the RSI compares the gains of the securities against the losses it made in the past. This ratio of gains against the losses is then deducted from the 100. 

For instance, if the RSI is making lower highs when the cryptocurrency is making higher highs, then we may say that although the token/coin is on a bullish trend it is losing value. As such, there could be a trend reversal in the future. 

However, the RSI could also give false alarms for breakouts. Although we may expect, the prices to retrace if it goes to the oversold or overbought region, the prices also can stay in the oversold or overbought region for an extended period. As such, traders should be wary of it and let the market saturate before making vital decisions. 

VeChain (VET) Price Analysis – Moving Average

The Exponential Moving averages are quite similar to the simple moving averages (SMA). However, the SMA equally distributes down all values whereas the Exponential Moving Average gives more weightage to the current prices. Since SMA undermines the weightage of the present price, the EMA is used in price movements. 

The 200-day MA is considered to be the long-term moving average while the 50-day MA is considered the short-term moving average in trading. Based on how these two lines behave, the strength of the cryptocurrency or the trend can be determined on average. 

In particular, when the short-term moving average (50-day MA) approaches the long-term moving average (200-day MA) from below and crosses it, we call it a Golden Cross.

Contrastingly, when the short-term moving average crosses the long-term moving average from above then, a death cross occurs. 

Usually, when a Golden Cross occurs, the prices of the cryptocurrency will shoot up drastically, but when there’s a Death Cross, the prices will crash. 

Whenever the price of cryptocurrency is above the 50-day or 200-day MA, or above both we may say that the token is bullish (Green rectangle). Contrastingly, if the token is below the 50-day or 200-day, or below both, then we could call it bearish (Blue triangle section).  

VeChain which was fluctuating above both moving averages gained extra momentum after the Golden Cross occurred. However, this surge was short-lived after VET started falling once again. 

During this phase of surging as shown in the green rectangle, we could see that VET was heavily relying on the 200-day for support. However, currently, VET has broken below the 200-day MA and we could expect VET to consolidate before it could start rising once again. 

If the preceding is the case, then the present price level of VET could be an excellent entry point for buyers trying to cash in on VeChain. However, they should give some time for the market to saturate, and at least let the market form a couple of candlesticks before opening a long position. 

This is because we could see the 50-day MA reaching the 200-day MA from above, hence there might be a death cross impending for VET. If the death cross happens, then, the future could be tragedic for VET. 

VeChain (VET) Price Analysis – Rate of Change

The Rate of Change Indicator is a momentum oscillator, that measures the change of the current price against the past price a few (n) periods ago, in percentage. As long as the price is rising ROC will be positive. But, the ROC indicator will reach the negative zone when the prices reduce. Increasing values in either direction, positive or negative, indicate increasing momentum and moving back toward zero indicates diminishing momentum.

Unlike the RSI, ROC has no set overbought or oversold regions, it rather depends on a trader’s discretion. Traders often tend to find the areas in the positive and negative zones where the trend changes have happened in regularity. Based on this they could mark their bounds for overbought and oversold regions.

ROC could also be used as a divergence indicator that signals a possible upcoming trend change. Divergence occurs when the price of a stock or asset moves in one direction while its ROC moves in the opposite direction.

For example, if a stock’s price is rising over a period of time and registering higher highs while the ROC is progressively moving lower, or making lower highs, then the ROC is indicating bearish divergence from price, which signals a possible trend change to the downside. The chart shows an example of the above scenario. The same concept applies if the price is moving down and ROC is moving higher.

Additionally, the zero line crossover could be used to signal trend changes. However, depending on the number used for n (periods) in the indicator the signals may come in early or late.  

VET’s extremely overbought regions are marked as Overbought Region 1 at 19.87, and Overbought Region 2 at 51.88. VeChain’s trend reversed many times after it reached the Overbought Region 1. Meanwhile, VeChain’s Oversold Regions are marked as Oversold Region 1 at -29.19 and Oversold Region 2 at -52.43.

Currently, the ROC indicates a value of -26.59 and the line is heading further into the oversold region. However, since, the Oversold region at -29.19 has been a prominent trend reversal place, we could expect VeChain to reverse after reaching Oversold region 1. If the preceding is to happen it could qualify as an excellent entry point for those going long. 

Nonetheless, in the event VeChain does not reverse, it may seek to reach the Oversold Region 2. 

VeChain (VET) Price Prediction 2023-2030 Overview

VeChain (VET) Price Prediction 2023

When looking at the chart above, we could see that VeChain was fluctuating between Support 1 and Resistance 1, since September 2022. VeChain was able to break Resistance 1 ($0.02663) and reach Resistance 2 ($0.03291) only once after the beginning of 2023. 

At the time of writing, VeChain is valued at $0.01916. There is a possibility that VeChain could fall to Support 1 at $ 0.01554 and thereafter rise to Resistance 1. And if the bulls are strong they would be able to break Resistance 1 and reach Reach Resistance 2 at $0.03291. However, in the event that Support 1 is shattered by the bears, then VeChain may seek assistance from Support 2 at $0.01092 and may even reach further down below.   

The Support 1 and Support 2 levels appear to be excellent entry points for those going long, by buying the dip. However, the trend reversal of any of these support levels should be confirmed with some other indicators. 

However, there is a possibility of VET surging even before reaching for help from Support levels. This is because VeChain has touched the lower Bollinger band currently, hence the prices may rise from where it is as of now. In that case, the traders should be alert to take the appropriate course of action. 

VeChain (VET) Price Prediction – Resistance and Support Levels

When looking at the chart above we could that there has been quite less price action since 2018 Aug until the beginning of 2021. But the dawn of 2021 brought about exponential growth for VeChain. It surged from Support 1 to Resistance 5 in a brief period of time. 

Moreover, when considering the Gann Square tool used in the chart we could scrutinize the movements of Vechain diagonally. For instance, when you take the time frame from April 2021 to the end of July 2021, we could see that Vechain was supported near the circumference of the Azur circle. However, when you consider VET’s behavior from August 2021 to May 2021, we could see that it was supported by the circumference of the light green circle. 

VeChain (VET) Price Prediction 2024 

There will be Bitcoin halving in 2024, and hence we should expect a positive trend in the market due to user sentiments and the quest by investors to accumulate more of the coin. Since the Bitcoin trend affects the direction of trade of other cryptocurrencies, we could expect VET to trade at a price not below $0.05367 by the end of 2024.

VeChain (VET) Price Prediction 2025

VET may still experience the after-effects of the Bitcoin halving and is expected to trade above its 2024 price. Many trade analysts speculate that BTC halving could create a huge impact on the crypto market. Moreover, similar to many altcoins, VET will continue to rise in 2025 forming new resistance levels. It is expected that VET would trade beyond the $0.07048 level.

VeChain (VET) Price Prediction 2026

It is expected that after a long period of bull run, the bears would come into power and start negatively impacting the cryptocurrencies.However, as per the lifecycle of VeChain, the bear power has been negated. Hence, during this period VeChain could surge drastically and reach $0.25687 by 2026. 

VeChain (VET) Price Prediction 2027

Naturally, traders expect a bullish market sentiment after the crypto industry was affected negatively by the bears’ claw. Moreover, the build-up to the next Bitcoin halving in 2028 could evoke excitement in traders. Contrastingly, VeChain may trade at around $0.13994 by the end of 2027. 

VeChain (VET) Price Prediction 2028

As the crypto community’s hope will be re-ignited looking forward to Bitcoin halving like many altcoins, VET will continue to form new higher highs and is expected to move in an upward trajectory. Hence, VET would be trading at $0.15456 by the end of 2028 after experiencing a surge.

VeChain (VET) Price Prediction 2029

2029 is expected to be another bull run due to the aftermath of the BTC halving. However, traders speculate that the crypto market would gradually become stable by this year. In tandem with the stable market sentiment and the slight price surge expected in the aftermath, VET could be trading at $0.34966 by the end of 2029.

VeChain (VET) Price Prediction 2030

After witnessing a bullish run in the market, VET and many altcoins would show signs of consolidation and might trade sideways and move downwards for some time while experiencing minor spikes. Therefore, by the end of 2030, VET could be trading at $0.32565

VeChain (VET) Price Prediction 2040

The long-term forecast for VET indicates that this altcoin could reach a new all-time high(ATH). This would arouse new traders to enter the market. The average price of VET is expected to reach $0.7835 by 2040.

VeChain (VET) Price Prediction 2050

The community believes that there will be widespread adoption of cryptocurrencies, which could maintain gradual bullish gains. By the end of 2050, if the bullish momentum is maintained, VET could hit $1.2360

Conclusion

If investors continue to show interest in VET and add these tokens to their portfolio, then, it could continue to rise up. VET’s bullish price prediction shows that it could reach the $0.03291 level. 

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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