- Bullish VET price prediction for 2023 is $0.01902 to $0.02463.
- VeChain (VET) price might reach $0.03 soon.
- Bearish VET price prediction for 2023 is $0.01154.
In this VeChain (VET) price prediction 2023, we will analyze the price patterns of VET by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
|24 – Hour Trading Volume||$99,613,461|
|24 – Hour Price Change||1.41% Down|
|All – Time High||$0.2782 (On April 17, 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) ranks 37th on CoinMarketCap in terms of its market capitalization. The overview of the VeChain price prediction for 2023 is explained below with a daily time frame.
In the above chart, VeChain (VET) laid out a descending channel pattern. Descending channel Pattern also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.
At the time of analysis, the price of VeChain (VET) was recorded at $0.01964. If the pattern trend continues, then the price of VET might reach the resistance levels of $0.01969, $0.02704 and $0.03310. If the trend reverses, then the price of VET may fall to the support of $0.01438.
VeChain (VET) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of VeChain (VET) in 2023.
From the above chart, we can analyze and identify the following as the resistance and support levels of VeChain (VET) for 2023.
|Resistance Level 1||$0.01902|
|Resistance Level 2||$0.02463|
|Support Level 1||$0.01450|
|Support Level 2||$0.01154|
As per the above analysis, if Vechain’s (VET) bulls take the lead, then it might hit and break through its resistance level of $0.02463.
Conversely, if VeChain’s (VET) bears dominate the trend, the price of VET might plunge to $0.01154.
VeChain (VET) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of VeChain (VET) are shown in the chart below.
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of VeChain (VET) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the VET price lies above 50 MA (short-term), indicating its uptrend. Hence, VET is in a bullish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of VET is at 61.81. Therefore, this indicates VET is neither an overbought nor oversold state.
VeChain (VET) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of VeChain (VET) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of VET lies in the range of 53.61 pointing out a strong trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of VET lies above 50, indicating high volatility.
Comparison of VET with BTC, ETH
Let us now compare the price movements of VeChain (VET) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of VET is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of VET also increases or decreases respectively.
VeChain (VET) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of VeChain (VET) between 2024 and 2030.
VeChain (VET) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then VeChain (VET) might successfully test and surpass its resistance levels to hit $0.1 by 2024.
VeChain (VET) Price Prediction 2025
The significant upgrades in the VeChain ecosystem might persuade the entry of an increased number of investors. This may eventually boost the VeChain (VET) price to reach $0.5 by 2025.
VeChain (VET) Price Prediction 2026
If VeChain (VET) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $1
VeChain (VET) Price Prediction 2027
If VeChain (VET) sustains major resistance levels and stands as a better investment option in the market, then VET would rally to hit $3
VeChain (VET) Price Prediction 2028
If VeChain (VET) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then VET would hit $5 by 2028.
VeChain (VET) Price Prediction 2029
If investors flock in and continue to place their bets on VeChain (VET), then the crypto would witness major spikes. Hence, VET might hit $7 by 2029.
VeChain (VET) Price Prediction 2030
By 2030, the VET price might rally to $10 if the trend momentum aligns in favor of VeChain. Furthermore, VET would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
If VeChain (VET) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish VeChain (VET) price prediction for 2023 is $0.02463 Comparatively, the bearish VeChain (VET) price prediction for 2023 is $0.01154.
If there is a positive elevation in the market momentum and investors’ sentiment, then VeChain (VET) might hit $0.03. Furthermore, with future upgrades and advancements in the VeChain ecosystem, VET might surpass its current all-time high (ATH) of $0.2782 and mark its new ATH.
1. What is VeChain (VET)?
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.
2. Where can you buy VeChain (VET)?
Traders can trade VeChain (VET) on the following cryptocurrency exchanges such as Binance, KuCoin, Bitfinex,Bittrex and Huobi..
3. Will VeChain (VET) record a new ATH soon?
With the ongoing developments and upgrades within the VeChain platform, VeChain (VET) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of VeChain (VET)?
VeChain (VET) hit its current all-time high (ATH) of $0.2782 on April 17, 2021.
5. What is the lowest price of VeChain (VET)?
According to CoinMarketCap, VET hit its all-time low (ATL) of $0.0016782 On March 13 2021.
6. Will VeChain (VET) hit $0.03?
If VeChain (VET) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $0.03 soon.
7. What will be the VeChain (VET) price by 2024?
VeChain (VET) price might reach $0.1 by 2024.
8. What will be the VeChain (VET) price by 2025?
VeChain (VET) price might reach $0.5 by 2025.
9. What will be the VeChain (VET) price by 2026?
VeChain (VET) price might reach $1 by 2026.
10. What will be the VeChain (VET) price by 2027?
VeChain (VET) price might reach $3 by 2027.
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