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VeChain is a platform whose main solution is a data-tracking system with a focus on supply chains. VeChain can track goods throughout supply chains by collecting information from the sensors on its blockchain. VeChain works well for the industries where reliable information and authenticity are crucial, some of them include luxury items, cars, food and drinks, medicine and logistics. VeChain partnerships with the Mediteranean Hospital of Cyprus has already showcased its medical application through a blockchain-based data-storing system VeChain built for the hospital in the spring of 2020.
In this Vechain coin price prediction, we are going to analyse the price dynamics of VeChain in the recent past and make a mid-term projection of its price in the future. To analyse the VET/USD trading pair, we are going to use the price data of the cryptocurrency exchange Bitfinex.
Retrospective Vechain Price Analysis
VeChain stayed rather dormant throughout Bitcoin’s upturn in September — December 2020. There was a twofold increase between the late June and the early August, but much of it was gone until the end of August. But the VeChain coin was patiently waiting for its share of the bull ride, which eventually began in the last days of 2020.
During the week of 28th December 2020, VET/USD added 52%, closing at 0.0256. Afterwards, the growth continued gradually until 5th April 2021 when the trading pair started going upwards more steeply.
VET/USD on a daily-timeframe chart
The ascent continued through to 17th April 2021 to 0.2264. After the bullish wave had reached its high, the pair consolidated between 0.2263 and 0.2549 before breaking below the local support on 22nd April. Between 22nd and 30th April, the pair managed to create two closely positioned technical daily levels at 0.1907 and 0.2022. The former was able to support the price on 5th May, having ultimately sent it to virtually 0.25 but for only a very short time.
On 28th April, VeChain came out with an announcement that it had launched its Enterprise NFT Ecosystem in an attempt to lead non-fungible tokens to mass adoption. There was no visible market reaction to the announcement, but this new VeChain crypto project can turn out to be a serious profit gainer in the future and could largely benefit long-term VET holders.
The volatility continued to be present, and in the next sizeable move the price turned down to find support at 0.1651 created by the 50-day SMA on 12th May. The moving average had been previously touched on 1st, 23rd and 28th February 2021. This makes the 50-day SMA look like a significant motive force on the chart, which can serve as a potential entry point for buying orders in the future.
VeChain Coin Mid-term Price Prediction for 2021
VET/USD does not offer many technical levels to speculate about future targets above the current price levels. Therefore, we have used a Fibonacci retracement on the daily timeframe to determine particular bullish targets.
VET/USD Fibonacci retracement on the daily timeframe
This retracement shows us that the 1.618 level is positioned at 0.4357, which makes it the closest mid-term target for VET/USD. Given the current cryptocurrency market conditions with high-profile investors and investment institutions showing big interest in crypto assets, there is a big chance that this target will be reached sooner rather than later. Also, VeChain’s NFT initiative with its new project for the fast developing NFT market can be a solid argument in the VET/USD bullish market.
Therefore, those ready to take a bigger risk for a bigger profit, the 2.618 Fibonacci retracement level can be another actionable target level to put a take profit order on. The 2.618 level is positioned at 0.6903.
Therefore, our mid-term VeChain price prediction is the following: a buying entry order between 0.1511 and 0.1811 with a take profit at 0.4357 and 0.6903. Do not forget about risk management when allocating trading volume for our trades and doing some of your own analysis of the chart.
Stay tuned to VeChain news today! And if you want to know how to buy VeChain and where to buy VeChain, press the buttons below!
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The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.
