If you are looking to invest in a cryptocurrency, it is essential to do some research on the future performance of that crypto in order to have an idea of what to expect for your investment. In this article, we’ll delve into the VeChain price prediction and analysis as well as get opinions from some websites concerning its performance in December 2020 so that you can decide on whether to invest or not.
VeChain (VET) Overview
VeChain is a blockchain-based supply chain platform created by Sunny Lu in 2015. Launched in June 2016, VeChain’s primary aim is to use distributed governance through blockchain technology with the Internet of Things (IoT) to solve major issues in supply chain management by boosting efficiency, traceability, and transparency of supply chains. Through decentralized governance, more users will have control over the supply chain, as opposed to centralized management.
VeChain uses two tokens to manage and create value based on its blockchain known as VeChainThor. The tokens are VET, which is used for transactions and other activities on the blockchain, and VeThor that provides fee payments similar to Ethereum’s “gas fees.”
Ranked number 26 on Coin Market Cap, VET has a market cap of $911,765,133 and a circulating supply of 64,315,576,989 VET. The coin currently trades at $0.014176, and $231,857,713 worth of it have been traded in the last 24 hours.
VeChain (VET) Price Prediction: Analysis
Over the last month, VeChain has been on a slow upward trend, reaching $0.184 on 25 during the bull run experienced in the past week. It started a nosedive shortly after reaching this price and has descended as low as $0.1277 in the early hours of 26 November. The dip follows the general pullback in the crypto market led by Bitcoin, which has also been the main lead in the rally.
The Relative Strength Index (RSI) shows that the cryptocurrency reached an overbought condition before the nosedive. This is to be expected as the market typically moves in the opposite direction when extreme buy or sell is reached.
Despite the recent surge in price, there is a long death cross between the 50 and 20 MAs with the 100MA. Until a golden cross is reached for at least one of the two lower time frames, VET is not out of the woods yet, and the sentiment remains bearish in the long term.
Here are key support and resistance levels for traders to watch when trading VET. This was calculated by Walletinvestor:
- Resistance Level (R3): 0.0211;
- Resistance Level (R2): 0.0198;
- Resistance Level (R1): 0.0183;
- Pivot Point: 0.0171;
- Support Level (S1): 0.0156;
- Support Level (S2): 0.0143;
- Support Level (S3): 0.0128.
VeChain has presented the advantages of using blockchain technology to improve supply chain management. Citing the result of its partnership with Walmart China, the blockchain-based supply chain company emphasized that using blockchain technology can greatly improve supply chain management for both food and other products, especially in China.
VeChain is optimistic that the Chinese government is likely to create a platform for tracking the supply chain after the COVID-19 pandemic is over. If this happens, VeChain says it could give all products tracked using the platform a unique identity that will help to minimize human effort in supply chains.
“As the later efficiency increases, they can achieve amazing human efficiency growth. Realize inverse entropy and cost reduction in large organizations, and go against the current in the post-epidemic era,” the company wrote in a WeChat publication on 25 November.
VeChain Price Prediction: Market Opinion for December 2020
The following are opinions on VeChain price prediction from different websites that should give you a better idea.
According to Walletinvestor, VET will start December at $0.0152. Though the prediction is not for the full month, it expects the price to reach as high as $0.0173, and the minimum expected price is $0.0139. Below is the table showing the daily price prediction:
|Date||Price||Min Price||Max Price|
Digitalcoinprice predicts that VeChain will hit a price of $0.03369877 in December 2020, with a gain of 135.03%.
Gov.capital predicts that VeChain will start December at $0.0152 and reach the highest price of $0.0174 and a minimum of $0.011645. The closing price for the month is predicted to be $0.016675.
|Calendar date||Regular||Least possible price||Best possible price|
|2020 December 01, Tuesday||0.0152||0.01292||0.01748|
|2020 December 02, Wednesday||0.0159||0.013515||0.018285|
|2020 December 03, Thursday||0.0154||0.01309||0.01771|
|2020 December 04, Friday||0.0151||0.012835||0.017365|
|2020 December 05, Saturday||0.0150||0.01275||0.01725|
|2020 December 06, Sunday||0.0150||0.01275||0.01725|
|2020 December 07, Monday||0.0151||0.012835||0.017365|
|2020 December 08, Tuesday||0.0150||0.01275||0.01725|
|2020 December 09, Wednesday||0.0152||0.01292||0.01748|
|2020 December 10, Thursday||0.0147||0.012495||0.016905|
|2020 December 11, Friday||0.0142||0.01207||0.01633|
|2020 December 12, Saturday||0.0143||0.012155||0.016445|
|2020 December 13, Sunday||0.0144||0.01224||0.01656|
|2020 December 14, Monday||0.0142||0.01207||0.01633|
|2020 December 15, Tuesday||0.0140||0.0119||0.0161|
|2020 December 16, Wednesday||0.0141||0.011985||0.016215|
|2020 December 17, Thursday||0.0139||0.011815||0.015985|
|2020 December 18, Friday||0.0137||0.011645||0.015755|
|2020 December 19, Saturday||0.0141||0.011985||0.016215|
|2020 December 20, Sunday||0.0143||0.012155||0.016445|
|2020 December 21, Monday||0.0147||0.012495||0.016905|
|2020 December 22, Tuesday||0.0146||0.01241||0.01679|
|2020 December 23, Wednesday||0.0150||0.01275||0.01725|
|2020 December 24, Thursday||0.0152||0.01292||0.01748|
|2020 December 25, Friday||0.0145||0.012325||0.016675|
|2020 December 26, Saturday||0.0145||0.012325||0.016675|
|2020 December 27, Sunday||0.0144||0.01224||0.01656|
|2020 December 28, Monday||0.0146||0.01241||0.01679|
|2020 December 29, Tuesday||0.0148||0.01258||0.01702|
|2020 December 30, Wednesday||0.0147||0.012495||0.016905|
|2020 December 31, Thursday||0.0145||0.012325||0.016675|
For December 2020, Tradingbeasts forecasts that VeChain will open the month at $0.0220999 and reach a maximum of $0.0277425 and a minimum of $0.0188649 before closing the month at $0.0221940.
VeChain (VET) Price Prediction: Verdict
From the predictions on these websites, there is a general optimism about the performance of VeChain in the coming month. However, the decision is up to you to invest in it or not, and if you do, be aware that the responsibility is fully yours, so approach it with caution, especially because the technical indicators suggest otherwise.
Featured image: ihodl.com