VeChain Price Prediction 2021 – Will VET Hit $1 Soon?

VeChain Price Prediction 2021 - Will VET Hit $1 Soon?
  • Bullish VeChain price prediction ranges from $0.15 to 0.67
  • VET price might also reach $1 soon.
  • VET bearish market price prediction for 2021 is $0.06.

In VeChain VET price prediction 2021, we use statistics, price patterns, RSI, and much other information about VET to analyze the future movement of the cryptocurrency. 

VeChain (VET) is a blockchain-based supply chain platform. Moreover, it started in 2015 and launched in June 2016, VeChain focused on using distributed governance and Internet of Things (IoT) technology to develop an ecosystem which solves few of the major issues with supply chain management. More so, the platform uses two in-house tokens, VET and VTHO, to manage and develop value based on its VeChainThor public blockchain.

According to CoinGecko, the VeChain price is trading at $0.106 with a 24-hour trading volume of $619,453,241, at the time of writing. However, VET has decreased by 2.4% in the last 24 hours.

Currently, VET trades in cryptocurrency exchanges such as Binance, Huobi Global, FTX, HitBTC, and Bitcoin.com Exchange.

VeChain Price Prediction 2021

VeChain VET price prediction 2021 explained below in the weekly time frame. 

VeChain Price Prediction 2021 - VET/USDT Chart Showing Elliott Wave Theory
VET/USDT Chart Showing Elliott Wave Theory (Source: TradingView)

The Elliott Wave Theory is a form of technical analysis that looks for recurrent long-term price patterns based on persistent changes in investor sentiment and psychology. More so, the theory explains about the impulsive waves that set up a pattern and corrective waves that oppose the larger trend.

Notably, each set of waves is nested within a bigger set of waves that adhere to the same impulse or corrective pattern, which is explained as a fractal approach to investing.

Impulsive waves: This type of wave consists of five sub-waves that develop net movement in the same direction as the trend of the next-largest degree. More so, this pattern is the most common motive wave and the easiest to identify in a market. 

Corrective waves: This type of waves are said to be the diagonal waves, which contains three or a combination of three sub-waves that makes net movement in the path opposite to the trend of the next-highest degree. Like all motive waves, this wave goal is to move the market in the direction of the trend.

Currently, the VET has just completed wave 4. It is yet to enter the corrective wave. Through this Elliott Wave Theory it is identified as, VET could reach $0.8 soon. If the trend reverses, the price might plummet to $0.06.

VeChain (VET) Support and Resistance Level

The below chart shows the support and resistance level of VeChain (VET).

VET/USDT Support and Resistance Level
VET/USDT Support and Resistance Level (Source: TradingView)

From the above two time frames, it is clear the following are the resistance and support level of VET.

  • Resistance Level 1 – $0.155
  • Resistance Level 2 – $0.28
  • Resistance Level 3 – $0.484
  • Resistance Level 4 – $0.676
  • Support Level 1 – $0.094
  • Support Level 2 – $0.06
  • Support Level 3 – $0.035

The chart indicates that VET shows bullish performance over the past month. However, if the trend continues, VET might run along the bulls overtaking its resistance level at $0.67. In contrast, if the investors turn against the crypto, the price of VET might plummet to almost 0.035, a bearish signal.

VeChain (VET) Average Directional Index (ADX)

Now let us focus on the Average Directional Index (ADX) of VET. Notably, the ADX helps traders to identify the strength of a trend, rather than its actual direction. More so, it can be utilized to determine whether the market is changing or a new trend starts. However, it is associated with the Directional Movement Index (DMI).

Evenmore, the range of the oscillator is from 0 to 100. Added to this, a high value indicates a strong trend, and a low value represents a weak trend. Moreover, it is mostly combined with directional indicators. 

VET/USDT ADX
VET/USDT ADX(Source: TradingView)

The above chart shows the ADX of VET made an uptrend crossover at the end of April. Currently, the ADX stays above the range of 25, so it indicates a strong trend that is on the sell-side.

Conclusion

The VET is one of the cryptos that keeps its ground against the bearish market. Furthermore, our long-term VeChain VET price prediction 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $0.27 this year. However, this will only happen if it breaks many past psychological resistances.

Furthermore, with the ongoing developments and upgrades within the VET ecosystem, it could experience a great future ahead in 2021. It may reach 0.67 soon and it might even reach high heights, however reaching $1, if investors have planned that VET is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.