VeChain (VET) Price Prediction and Analysis in February 2021
Cryptocurrency price prediction and analysis help investors to make the best investment decisions. In this article, we will issue a Vechain price prediction and analysis for the second month of 2021. If you are looking to invest in this digital asset, then this will help you not just to see how it is currently doing but also have an idea of its performance in February.
VeChain (VET) Overview
Vechain is a cryptocurrency project designed to help in solving the problems of supply chain management. Like any other blockchain, it is meant to cut costs, improve the speed and efficiency of supply chains as well as remove the need for middlemen. The cryptocurrency VET is one of two native tokens used on the VeChain blockchain.
While VET is used for transactions and as an investment, VeThor is used for fee payment. The dual token system of the VeChain network has a unique design that is used to combat fee fluctuations like what is currently happening with Ethereum. Holders of VET can stake their tokens to provide liquidity for the network and, in return, they are rewarded with more tokens.
VET is currently the 25th largest cryptocurrency according to Coin Market Cap. It has a market cap of $1,833,086,956 and a circulating supply of 64,315,576,989 VET. The VET price is $0.02857 at the moment, and $452,957,669 worth of it have been traded in the last 24 hours.
VeChain Price Prediction: Analysis
VET has been in an upward trend since 24 December 2020. This does not mean that there have been no downward moves in the process. There were dips on 30 December, and also from 6 to 12 January. However, it is generally an upward movement meaning a bull market is in force.
This is further confirmed by the 20 MA, being very high above 50 MA and 100 MA. This arrangement shows that the price is growing in a healthy trend, and investors can only get disturbed if the more recent price average (20 MA) dips below the 50 MA or 100 MA.
Although there is a massive sell-off as indicated by the large sell volume (the long red candle), which led to a loss of over 7% in the last 24 hours, the upward trend is quite strong, and buyers could take back control and regain the price loss as well as push the price up.
The RSI is currently below 60, which suggests the market is not in an overbought state. It is still quite high, though, and there may be more sales, and buyers may come to the aid a bit later.
For VET traders, below are critical support and resistance levels to take not off. They may be used to guide entry and exit decisions when trading. These are calculated by Walletinvestor:
- Resistance Level (R3): 0.0343;
- Resistance Level (R2): 0.0333;
- Resistance Level (R1): 0.0316;
- Pivot Point: 0.03060;
- Support Level (S1): 0.0289;
- Support Level (S2): 0.0279;
- Support Level (S3): 0.0261.
VeChain announced on 15 January that it is introducing a new improvement that changes fee delegation in a revolutionary way. The improvement known as Fee Delegation as a Service or DaaS for short will make it easier for non-tech persons to effectively interact with dapps without having to do the difficult part of fee delegation.
DaaS will work together with VIP-201, which is the latest protocol for fee delegation improvement. With DaaS and VIP-201 in place, users can access dapps and blockchain games in a conventional way. So, it is likely to improve mass adoption and make the process easier for millions of people.
VeChain Price Prediction: Market Opinion for February 2021
We bring you market opinions on VeChain price prediction from different websites. The following are a few of such opinions that should give you a clue of what to expect in February.
Walletinvestor predicts that the price of VET will reach $0.0324 by the first day of February. Up to 9, the maximum expected price is $0.0390, and the minimum price is $0.0296.
Bellow is VET price prediction for the first two weeks of February 2021:
|Date||Price||Min Price||Max Price|
The VET price prediction for February, according to this website, is that the cryptocurrency will go up 38.67% to $0.0400.
According to Tradingbeasts, the VET price at the beginning of February will be $0.0377870. The maximum expected price for the month is $0.0474373, while the minimum is $0.0322573. The closing price for the month is placed at $0.0379498.
This website predicts that VET price will reach a high of $0.03599 and a low of $0.0255 in February. The closing price for the month is $0.03048.
|Calendar date||Regular||Least possible price||Best possible price|
|2021 February 01, Monday||0.0275||0.023375||0.031625|
|2021 February 02, Tuesday||0.0276||0.02346||0.03174|
|2021 February 03, Wednesday||0.0278||0.02363||0.03197|
|2021 February 04, Thursday||0.0279||0.023715||0.032085|
|2021 February 05, Friday||0.0272||0.02312||0.03128|
|2021 February 06, Saturday||0.0275||0.023375||0.031625|
|2021 February 07, Sunday||0.0276||0.02346||0.03174|
|2021 February 08, Monday||0.0279||0.023715||0.032085|
|2021 February 09, Tuesday||0.0281||0.023885||0.032315|
|2021 February 10, Wednesday||0.0282||0.02397||0.03243|
|2021 February 11, Thursday||0.0282||0.02397||0.03243|
|2021 February 12, Friday||0.0279||0.023715||0.032085|
|2021 February 13, Saturday||0.0283||0.024055||0.032545|
|2021 February 14, Sunday||0.0284||0.02414||0.03266|
|2021 February 15, Monday||0.0287||0.024395||0.033005|
|2021 February 16, Tuesday||0.0285||0.024225||0.032775|
|2021 February 17, Wednesday||0.0285||0.024225||0.032775|
|2021 February 18, Thursday||0.0286||0.02431||0.03289|
|2021 February 19, Friday||0.0279||0.023715||0.032085|
|2021 February 20, Saturday||0.0279||0.023715||0.032085|
|2021 February 21, Sunday||0.0282||0.02397||0.03243|
|2021 February 22, Monday||0.0286||0.02431||0.03289|
|2021 February 23, Tuesday||0.0288||0.02448||0.03312|
|2021 February 24, Wednesday||0.0290||0.02465||0.03335|
|2021 February 25, Thursday||0.0286||0.02431||0.03289|
|2021 February 26, Friday||0.0276||0.02346||0.03174|
|2021 February 27, Saturday||0.0278||0.02363||0.03197|
|2021 February 28, Sunday||0.0278||0.02363||0.03197|
VeChain Price Prediction: Verdict
VeChain is currently showing signs of great strength as the price is in a pretty strong uptrend. This may be attributed to the ongoing rise in the altcoin market. However, it is not certain how long this will last, so investment decisions should not be made based on this alone. Most crypto investors do it for the long-term because the price is not stable for long, so weigh these before deciding on your investment.
Featured image: bitcoininsider.org