VeChain (VET) Price Prediction and Analysis in January 2021
If you are looking for VeChain price prediction, you have come to the right place. We will examine the cryptocurrency in detail to provide useful information for its price-performance for January 2021. Without any waste of time, let’s get to it.
VeChain (VET) Overview
VeChain was created by Sunny Lu and launched in 2016 to serve as a supply chain platform based on blockchain technology. The project is designed to help remove the major hurdles that plague the supply chain management. Such hurdles include lack of transparency, high cost, and unnecessary delay. Still, under development, the platform plans to use distributed governance and the Internet of Things (IoT) as a solution to these problems. This system places more control in the hands of individuals rather than the hands of a centralized authority.
The project uses two tokens, one is VET, and the other is VeChainThor (VTHO). VET is a Proof-of-Stake token and is used for transactions, while VTHO is used for transaction fees. VET is listed on several well-known exchanges and tradeable against other major cryptocurrencies.
VET is currently the 26th largest cryptocurrency by market capitalization, according to Coin Market Cap. It has a market cap of €902,748,192, the circulating supply of 64,315,576,989 VET, and the total supply of 86,712,634,466. The price of VET is at €0.014009, and €147,976,882 worth of it has been traded in the last 24 hours.
VeChain Price Prediction: Analysis
VET has done quite well up to this moment, thanks to the rally that started in November, led by Bitcoin. After it hit its year high of $0.0217 on 9 August, it dipped slowly to reach $0.009 on 3 November. It, however, started the upward move almost immediately with the start of the bull run and has risen to $0.017, the current price.
So far, the technical aspect of VeChain’s performance shows that the token has possibly entered a bullish trend. The 1-day chart shows a Golden Cross between the 50 and 100 MA occurred on 8 December, which potentially signifies a switch to the bullish side.
Another important indicator, the Relative Strength Index, shows that the market is not yet in an overbought condition. Ideally, an RSI of over 70% will suggest this condition, but it currently stands at just below 60 (as shown above), which means there is still plenty of room for buyers to pull the weight on the market.
The following are key resistance and support levels that traders should take note of when trading VET. This was calculated by Walletinvestor to serve as a guide when deciding entry and exit points.
- Resistance Level (R3): 0.0194;
- Resistance Level (R2): 0.0187;
- Resistance Level (R1): 0.0179;
- Pivot Point: 0.0172;
- Support Level (S1): 0.0164;
- Support Level (S2): 0.0157;
- Support Level (S3): 0.0148.
One of the largest business advisory firms in Cyprus, Grant Thornton, has become one of the 101 Authority Masternodes for the VeChainThor blockchain, a recent announcement reveals. This is in line with the VeChain Foundation’s goal to provide a healthy, secure, and growing blockchain ecosystem.
Authority masternodes don’t just serve as validators but also play more crucial roles in ensuring the ecosystem’s growth. They must prove their commitment to the growth of the VeChainThor blockchain by allocating resources and participating in the design, execution, and expansion of the ecosystem.
Grant Thornton becoming one of such masternodes could boost VeChain’s growth significantly, as the firm has shown a commitment to global blockchain growth prior to this time.
VeChain Price Prediction: Market Opinion for January 2021
The following are market opinions on the expected performance of VET for January 2021. These are by no means definite predictions, but rather forecasts based on the past patterns shown by the price changes.
This website’s VET price prediction says the token will be worth a huge $0.0388 in January 2021. This will represent an increase of 123.32%.
Tradingbeasts places its VET price prediction at $0.0215731 at the beginning of January 2021. The expected maximum price is $0.0270933, and the expected minimum price is $0.0184234. The closing price is expected to be $0.0216746.
Gov.capital predicts that VET will reach a maximum price of $0.020815 in January 2021, and the lowest price will be of $0.01462. The closing price is expected to be $0.0176. Below is the price prediction for the whole month of January 2021.
|Calendar date||Regular||Least possible price||Best possible price|
|2021 January 01, Friday||0.0172||0.01462||0.01978|
|2021 January 02, Saturday||0.0172||0.01462||0.01978|
|2021 January 03, Sunday||0.0173||0.014705||0.019895|
|2021 January 04, Monday||0.0175||0.014875||0.020125|
|2021 January 05, Tuesday||0.0176||0.01496||0.02024|
|2021 January 06, Wednesday||0.0177||0.015045||0.020355|
|2021 January 07, Thursday||0.0177||0.015045||0.020355|
|2021 January 08, Friday||0.0174||0.01479||0.02001|
|2021 January 09, Saturday||0.0176||0.01496||0.02024|
|2021 January 10, Sunday||0.0175||0.014875||0.020125|
|2021 January 11, Monday||0.0176||0.01496||0.02024|
|2021 January 12, Tuesday||0.0176||0.01496||0.02024|
|2021 January 13, Wednesday||0.0176||0.01496||0.02024|
|2021 January 14, Thursday||0.0176||0.01496||0.02024|
|2021 January 15, Friday||0.0176||0.01496||0.02024|
|2021 January 16, Saturday||0.0175||0.014875||0.020125|
|2021 January 17, Sunday||0.0179||0.015215||0.020585|
|2021 January 18, Monday||0.0181||0.015385||0.020815|
|2021 January 19, Tuesday||0.0180||0.0153||0.0207|
|2021 January 20, Wednesday||0.0179||0.015215||0.020585|
|2021 January 21, Thursday||0.0179||0.015215||0.020585|
|2021 January 22, Friday||0.0179||0.015215||0.020585|
|2021 January 23, Saturday||0.0177||0.015045||0.020355|
|2021 January 24, Sunday||0.0177||0.015045||0.020355|
|2021 January 25, Monday||0.0179||0.015215||0.020585|
|2021 January 26, Tuesday||0.0180||0.0153||0.0207|
|2021 January 27, Wednesday||0.0180||0.0153||0.0207|
|2021 January 28, Thursday||0.0179||0.015215||0.020585|
|2021 January 29, Friday||0.0176||0.01496||0.02024|
|2021 January 30, Saturday||0.0176||0.01496||0.02024|
|2021 January 31, Sunday||0.0176||0.01496||0.02024|
This website predicts that VET will be worth $0.0188 in January 2021.
VeChain Price Prediction: Verdict
This is the end of our VET price prediction for January 2021. It is up to you to decide if you wish to invest in it or not, but most of the market opinions show optimism that the price could be going up in the month.
Featured image: nulltx.com