- Bullish VET price prediction for 2023 is $0.02182 to $0.04619.
- VeChain (VET) price might also reach $0.1 soon.
- Bearish VET price prediction for 2023 is $0.01586.
In VeChain (VET) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about VET to analyze the future movement of the cryptocurrency.
VeChain (VET) Current Market Status
| Current Price | $0.02120128 |
| 24 – Hour Trading Volume | $71,212,472 |
| 24 – Hour Price Change | 1% Down |
| Circulating Supply | 72,511,146,418 |
| All – Time High | $0.280991 (On April 19, 2021) |
What is VeChain (VET)?
VeChain (VET) is the native token operating on the VeChainThor, a public layer-1 blockchain. Initially, VET was launched formerly as VEN, an ERC-20 token, on the Ethereum blockchain. Later in 2018, VEN was swapped onto the VeChainThor blockchain.
VeChain is based on a two-token system that hosts the tokens, VET, and VTHO. VET is used as a payment token in the DeFi space whereas the latter serves as the energy token for facilitating the transactions. The blockchain relies on the proof-of-authority (PoA) consensus which demands validators to stake at least 25 million VET at the ‘authority master nodes’ along with providing their real identities.
VET has use cases extended over the off-chain markets too. It integrates blockchain-based tracking solutions with the Internet of Things (IoT) deployed in supply chain systems in global enterprises.
VeChain (VET) Price Prediction 2023
VeChain (VET) holds the 34th position on CoinGecko right now. VET price prediction 2022 is explained below with a daily time frame.
Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.
Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.
Currently, VeChain (VET) is in the range of $0.01612. If the pattern continues, the price of VET might reach the resistance levels of $0.01721, and $0.02206. If the trend reverses, then the price of VET may fall to $0.01564.
VeChain (VET) Support and Resistance Levels
The chart below shows the support and resistance levels of VeChain (VET).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for VeChain (VET).
| Resistance Level 1 | $0.02182 |
| Resistance Level 2 | $0.02894 |
| Resistance Level 3 | $0.04619 |
| Support Level | $0.01586 |
The charts show that VeChain (VET) has performed a bullish trend over the past month. If this trend continues, VET might run along with the bulls overtaking its resistance level at $0.04619.
Accordingly, if the investors turn against crypto, the price of VeChain (VET) might plummet to almost $0.01586, a bearish signal.
VeChain (VET) Price Prediction 2023 — RVOL, MA, and RSI
The Relative Volume (RVOL) of VeChain (VET) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of VET lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of VeChain (VET) is shown in the chart above. Notably, VeChain (VET) price lies below 50 MA (short-term), so it is in a downtrend. Currently, VET has entered a bearish state. Therefore, there is a possibility of a reversal trend of VET at any time.
Meanwhile, the relative strength index (RSI) of the VET is 31.39. This means that VeChain (VET) is nearly in an oversold state. However, this means a major price reversal of VET may occur in the upcoming days. So, traders need to trade carefully.
VeChain (VET) Price Prediction 2023 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of VeChain (VET). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of VeChain (VET). Currently, the ADX of VET lies in the range of 55.02 and thus, it indicates a strong trend.
The above chart also represents the Relative Volatility Index (RVI) of VeChain (VET). RVI measures the constant deviation of price changes over a period of time. The RVI of VET lies below 50, indicating low volatility. In fact, the RSI of VeChain (VET) is at 31.39 thus confirming a potential sell signal.
Comparison of VET with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and VeChain (VET).
From the above chart, we can interpret that the price actions of BTC, ETH and VET are moving in a dissimilar trend. This indicates that when the price of BTC and ETH increases, the price of VET decreases. Also, when the price of BTC and ETH decreases, the price of VET increases.
VeChain (VET) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of VeChain (VET) between 2024 and 2030.
VeChain (VET) Price Prediction 2024
With several upgrades in the network, VeChain (VET) might enter a bullish trajectory. If the coin grabs the attention of major investors, VET might rally to hit $0.5 by 2024.
VeChain (VET) Price Prediction 2025
If VeChain (VET) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, VET would rally to hit $0.7.
VeChain (VET) Price Prediction 2026
If VeChain (VET) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, VET would rally to hit $1.
VeChain (VET) Price Prediction 2027
If VeChain (VET) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, VET would rally to hit $1.5.
VeChain (VET) Price Prediction 2028
If VeChain (VET) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, VET would hit $2.5 in 2028.
VeChain (VET) Price Prediction 2029
If investors flock in and continue to place their bets on VeChain (VET), it would witness major spikes. VET might hit $3 by 2029.
VeChain (VET) Price Prediction 2030
With greater advancements in the VeChain ecosystem, the crypto community might continue to invest in VET for the next 8 years and drive significant price rallies for the token. Hence, VeChain (VET) might hit $4 by 2030.
Conclusion
With continuous improvements in the VeChain network, we can say that 2023 is a good year for VET. For this reason, the bullish price prediction of VeChain (VET) in 2023 is $0.04619. On the other hand, the bearish price prediction of VeChain (VET) price prediction for 2023 is $0.01586.
Furthermore, with the advancements and upgrades to the VeChain ecosystem, the performance of VET would help to reach above its current all-time high (ATH) of $0.280991 very soon. But, it might also reach $0.1 if the investors believe that VET is a good investment in 2023.
FAQ
VeChain (VET) is the native token operating on the VeChainThor, a public layer-1 blockchain. It migrated from the Ethereum blockchain to its independent blockchain in 2018. VeChain provides blockchain-based tracking systems to supply chain enterprises.
VeChain (VET) has been listed on many crypto exchanges which include Binance, BingX, WhiteBIT, BTCEX, CoinW and Bitrue.
With the ongoing developments and upgrades within the VeChain platform, VET has a high possibility of reaching its ATH soon.
On April 19, 2021 VeChain (VET) reached its new all-time high (ATH) of $0.280991.
VeChain (VET) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of VeChain in the past few months, VET is considered a good investment in 2023.
VeChain (VET) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then VeChain (VET) will hit $0.1 soon.
VeChain (VET) price is expected to reach $0.2 by 2023.
VeChain (VET) price is expected to reach $0.5 by 2024.
VeChain (VET) price is expected to reach $0.7 by 2025.
VeChain (VET) price is expected to reach $1 by 2026.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
