VeChain (VET) Price Prediction and Analysis in March 2021
This is our VeChain price prediction and analysis for March 2021. If you want to invest in this cryptocurrency, read on and find all the information on how the asset is doing and what to expect from it this month.
VeChain (VET) Overview
If you have heard of supply chain management before, VeChain is the blockchain version of it. The project tries to improve supply chains by removing the need for any form of central control. It also reduces the cost of tracking Chinese supply well as it increases efficiency and transparency superior to that of traditional methods using distributed governance and Internet of Things (IoT).
Like any blockchain project, VeChain needs a token to function well. There are two tokens, the first being VET and the second VTHO. While VET is used for transactions and considered as an investment asset, VTHO is used for payment of fees on the network. The use of two tokens ensures that fee fluctuations, such as those observed with Ethereum, don’t happen and also to avoid network congestion.
Holders of VET generate VTHO passively, while VET, as an asset, has a capped supply of 86,712,634,466. The current market cap is $2,610,727,067, and the 24 hour volume is $1,092,057,539. There are currently 64,315,576,989 VET in circulation, according to Coin Market Cap.
VeChain Price Prediction: Analysis
VET price has grown significantly in 2021. It, however, increased steeply in February, starting on 7, when the price was just $0.029207 and got to $0.054616 on 13. After a slight pullback to $0.049811, it pushed back up to a higher price than before at $0.055383. This has slightly dipped again, like getting in a narrow range.
The daily chart for VET/USD shows the same trend as the range is narrowing down. This could indicate that the cryptocurrency has entered a consolidation phase after the steep price surge earlier in the month. As with the consolidation phase of any other asset, one of two things will happen – a breakout to the upside or downside.
Meanwhile, the Moving Averages are properly stacked on each other, with the shorter time frames being higher than, the longer time frames, which means that the bullish trend is still essentially intact. The reverse would be the indication of a trend reversal to the downside, which would have suggested that the breakout will be downward.
One uncertain thing though is how long the consolidation will last. If it lasts long enough, the trend may change eventually and confirm a downward breakout. The RSI also reflects this sideways movement with the level fluctuating around 70. This also means that the buyers and sellers are almost at an equilibrium, but a movement towards one of the sides is imminent as time goes on.
The following are important support and resistance levels calculated by Walletinvestor that you may wish to pay attention to:
- Resistance Level (R3): 0.06043;
- Resistance Level (R2): 0.0583;
- Resistance Level (R1): 0.0566;
- Pivot Point: 0.0545;
- Support Level (S1): 0.0527;
- Support Level (S2): 0.05063;
- Support Level (S3): 0.0489.
VeChain has found a use case that is more contemporary. According to reports, a hospital in Cyprus has employed the use of the blockchain for storing COVID-19 vaccination records. This is to ensure that proper records are kept as the use cases for the vaccine are growing.
The Mediterranean Hospital of Cyprus announced in January that at least 100 of its medical personnel had taken the vaccine and received a digital vaccine certificate on a VeChain Thor blockchain-based electronic app for lab results. VeChain announced that the app had recorded the COVID-19 test results of at least 8,000 people between June and August 2020.
VeChain (VET) Price Prediction: Market Opinions
The following are market opinions on VeChain price prediction for March 2021.
The VET price prediction from Walletinvestor is that the price will reach $0.0618 by the beginning of March. Between then and 8, the price is expected to reach up to $0.07013. The minimum price during this time is $0.0552, while the maximum price is $0.0764.
Below is VET price prediction for the first 9 days of March:
|Date||Price||Min Price||Max Price|
Tradingbeasts’ VET price prediction is that the asset will have a price of $0.0654708 by the start of March. Moreover, it may reach a maximum of $0.0821448 and a minimum of $0.0558585, with closing price of $0.0657159.
Digitalcoinprice is bullish on VET. The VeChain price prediction, according to this website, is that the price will reach an average of $0.07571044 in March. This represents an increase of 46.5%.
VeChain (VET) Price Prediction: Verdict
VeChain seems like an interesting investment in the coming months based on the price predictions from market sources. You should, however, do thorough research before investing in it. We hope this article helps you to make the right decision.
Featured image: news.coinsquare.com