We will be trying to formulate a VeChain price prediction by looking into the past price trends, developments, and market opinions, and project the future price VET for March 2020.
VeChain is a blockchain project, which was created for supply-chain order tracking and product authentication.
VET is currently ranked in 37th position based on a market cap of $113,182,149, with a 24-hours trading volume of $63,664,193 worth of VET. There are 55.454.734.800 VET coins in circulation out of a total supply of 86.712.634.466 VET. The price of VET is $0.002041.
VeChain Price Prediction: Analysis
The past seven days, VeChain experienced a positive price performance, with VET maintaining itself in the upper range for most of the week. The coin’s price fluctuated mostly between $0.0045-$0.0063.
On March 5, the price was around $0.006337. The next day, VET lost some of its gains, dropping to $0.005942, which represented a loss of 5.78%. On March 07, VeChain saw an increase of 3.99%, which brought the coin to $0.006174, surpassing the $0.006 level.
On March 09, however, because of the bearish pressures from the crypto market, the price of VET coin lost 25.76% on that day and went down to $0.004583. The next day, March 10, VET made a slight recovery to $0.004956, which signified a percentage of 8.12%. On March 11th, the VET currency was changing hands at $0.004770.
Since the beginning of the week, VeChain has been gradually losing its gains, forecasting a possible bearish approach. But, during that time, the coin managed to hold on to its support level of $0.004150. However, on March 12th, the coin went below this critical support level, which caused a significant drop in price. That day, VET reached a new low of $0,002377 from $0,004449 and had a closing value of $0,002401.
The incessant downfall in the price of VET has many investors concerned that a harsh bearish rally will take hold of the charts.
Today, March 16th, VET also had a negative performance, with a loss of -21.70%, which brought the level to $0.002041.
Once the market recovers, it is expected that the rest of the altcoins will see a bullish rally once again.
The resistance, pivot, and support levels calculated by WalletInvetsor are:
- Resistance Level (R3): 0.00589
- Resistance Level (R2): 0.00518
- Resistance Level (R1): 0.00378
- Pivot Point: 0.003080
- Support Level (S1): 0.00168
- Support Level (S2): 0.000977
- Support Level (S3): -0.000426
There have been no developments in the past few weeks, but its GitHub page seems to be still active, as the latest updates were made a few hours ago.
On February 25th, their Medium account posted the following announcement:
” Shanghai, China — Dr. Peter Zhou, the Chief Scientist at VeChain, and Dr. Zhijie Ren, the Senior Researcher on Blockchain at VeChain, recently published a preprint paper titled ‘SURFACE: A Practical Blockchain Consensus Algorithm for Real-World Networks’. The paper introduces a next-generation Proof-of-Authority (hereafter referred to as PoA 2.0-SURFACE) consensus algorithm for blockchain networks.
The new consensus algorithm PoA 2.0-SURFACE is characterized as a Secure, Use-case adaptive, and Relatively Fork-free Approach of Chain Extension.”
VeChain Price Prediction: Market Opinion for March 2020
Presenting the general market sentiment for VET, we have decided to incorporate some of the sites that made their own VeChain price prediction.
Digitalcoinprice made a very optimistic VeChain price prediction for March, foreseeing that VET will have a trading value of $0.00713771, which means an increase of 137.35%.
Coinpredictor expects the price of VET to increase with +7.4%, placing the coin around $0.000375, and the site foresees that the price will see an increase of +5.4% in one week, placing the coin at around $0.000368.
Cryptorating predicted that, in one day, VeChain might reach $0.002741, with a change of 10% and, in one week, the coin is expected to trade at $0.002741, with a change of 10%.
Bitverzo forecasted that VET will have an average price of $0.696290 by the end of March 2020, with a minimum of $-0.439633 and a maximum of $1.847262.
|Monday, March 16, 2020||0.766631||-0.301227||1.807926|
|Tuesday, March 17, 2020||0.758882||-0.434069||1.888310|
|Wednesday, March 18, 2020||0.744463||-0.364179||1.970651|
|Thursday, March 19, 2020||0.738947||-0.400292||1.936941|
|Friday, March 20, 2020||0.731747||-0.368030||1.852784|
|Saturday, March 21, 2020||0.735428||-0.359828||1.898608|
|Sunday, March 22, 2020||0.731369||-0.416526||1.885839|
|Monday, March 23, 2020||0.727698||-0.373599||1.757526|
|Tuesday, March 24, 2020||0.722917||-0.353530||1.833298|
|Wednesday, March 25, 2020||0.711094||-0.475061||1.855568|
|Thursday, March 26, 2020||0.707746||-0.397687||1.855390|
|Friday, March 27, 2020||0.702257||-0.506250||1.854172|
|Saturday, March 28, 2020||0.707198||-0.380491||1.969074|
|Sunday, March 29, 2020||0.703986||-0.336850||1.897480|
|Monday, March 30, 2020||0.700816||-0.354494||1.869934|
|Tuesday, March 31, 2020||0.696290||-0.439633||1.847262|
Cryptoground predicted that, in one day, VeChain will trade at $0.2168, with a decrease of -93.45%, and in one week, the site projected that VET will have a market value of $0.5105, with a change of -84.58%.
The site expects that, by the end of the March, VET will be trading at $0.00435, with a maximum price of $0.0043935 and a minimum expected price of $0.004306.
WalletInvestor posted daily predictions for the next 10 days of March, also including the minimum and maximum values of the coin for each individual day.
|Date||Price||Min Price||Max Price|
VeChain Price Prediction: Verdict
With this, we end our VeChain price prediction. From our article, you can evaluate what the market expects from VET in terms of price performance for this March. We hope that the information we provided in our article will be helpful in your VET trading endeavors.
Featured image: news.coinsquare.com