- Bullish VET price prediction ranges from $0.15 to $0.25.
- VET price might also reach $0.5 soon.
- VET bearish market price prediction for 2021 is $0.05.
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), a blockchain-related supply chain platform. Moreover, the project started in 2015 and launched in June 2016. However, VeChain aims to use distributed governance and the Internet of Things (IoT) to develop an ecosystem that solves some problems with supply chain management.
The platform uses two in-house tokens, VET and VTHO, to help and create value based on its VeChainThor public blockchain. More so, the idea is to boost the efficiency, traceability, and transparency of supply chains, however reducing costs and placing more control in the hands of individual users.
Let us see about the VeChain price prediction 2021.
Current Market Status of VeChain (VET)
According to CoinGecko, the VeChain price is trading at $0.116 with a 24-hour trading volume of $898,555,981, at the time of writing. However, VET has increased by 5.72% in the last 24 hours.
Currently, VET trades in cryptocurrency exchanges such as Binance, Tokocrypto, Huobi Global, FTX, and Upbit.
VeChain (VET) Price Prediction 2021
VeChain (VET) holds the 21th position on CoinGecko right now. VET price prediction 2021 explained below with a daily time frame.
The above chart shows the Falling Wedge pattern. This pattern takes place when the price moves in an overall bullish state before the price drops down. This pattern starts wide at the top and contracts as the price moves lower. Moreover, a falling wedge pattern is developed by two converging trend lines when the crypto price moves for a certain period. More so, a falling wedge takes place in a downward shift of movement in the market, it is said to be a reversal trend.
In the daily time frame chart, the VET can reach $0.25 if the bull trend continues. Or else, if the price of the VET breaks the resistance level of $0.15, it will fall to the next support level. So, the trend of the VET is based on the breakout.
VeChain (VET) Support and Resistance Level
The below chart shows the support and resistance level of VeChain (VET).
From the above chart, it is observed that the following are the resistance and support levels of VET.
- Resistance Level 1 – $0.15
- Resistance Level 2 – $0.25
- Support Level 1 – $0.09
- Support Level 2 – $0.05
- Support Level 3 – $0.03
The chart depicts the bullish performance of VET over the previous month. However, this trend will continue to reach a resistance level at $0.25 soon. Even more, if the trend reversed then VET might fall to $0.05 presenting a bearish signal.
VeChain (VET) Average Directional Index (ADX)
Let us now look at VET’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).
Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.
The above chart represents the ADX of VET lies in the range at 44.36, so it indicates a very strong trend. This shows that the price of ADX can go even bullish in the future.
The VET is one of the cryptos which is great for long-term investment. In addition, VET price prediction is bullish for the short-term. It has a good chance of reaching $0.15 by the end of this year. However, this will only happen if many previous psychological barriers are broken.
Furthermore, with the advancements and upgrades on the VET ecosystem, the performance of VET would rise reaching $0.25 very soon. But, it might also reach $0.5 if the investors believe 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.