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VeChain is, of course, one of the most popular and original projects in the crypto ecosystem right now. It’s had some great successes, both in terms of adoption and market value. Recently, VeChain entered the price discovery phase in late January, breaking out of the previous all-time high (VET to USDT price was 0.028). It has been pulling 4x since then, and now the cost of a VeChain coin has reached 8.2 cents (on 18th March).
After this astounding rally, all the investors are asking the same question” Is VeChain still a good investment?” Below are some of the best VeChain price predictions available in the market to help you with your analysis.
But before we dive into that, let’s understand what VeChain is.
What is VeChain?
VeChain or VET is one of the few blockchains that is exclusively built for commercial uses; the VeChain blockchain only caters to the enterprise-level clientele. VeChain’s primary focus is to improve supply chain and product lifecycle management by implementing DLT(Distributed Ledger Technology).
The VeChain blockchain ecosystem contains two tokens. The first one is the VeChain Token (VET) which is used to transfer value across the blockchain network. The second one is VeCHain Thor Energy (VTHO), the gas token to power smart contracts and other transactions. Both these tokens work in tandem to enable the VeChain network and have it operate optimally for its consumers and developers.
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And why do consumers and developers use VeChain over any other platform?
VeChain is gaining a lot of traction lately because it provides businesses the ability to track an enormous amount of data seamlessly. All this is done by creating a trust fee and distributed business ecosystem using the technology of blockchain, further improving accountability and reducing overhead.
With VeChain going on a bull run of its own, it’s natural to wonder if VeChain is still a good investment – whether it still has upside potential left or if it’s exhausted its rocket fuel. Let us look at the VeChain price prediction by some of the most famous crypto analysis companies.
VET price prediction
Fxstreet
2021 prediction: Bullish
Fxstreet is bullish about VeChain, and their VET price prediction says that the rally has just started. The Fxstreet believes that the reason why Vet is so bullish is because of the ever-increasing user base. According to Fxstreet, VeChain has a very bullish RSI and EMA, which confirms its bullish uptrend when it breaks out from the ascending channel it currently is in. They are anticipating a minimum 43% price rise in the short term if this goes on (as of 18/3, the VET to USDT price is 0.083).
However, this is only possible if Vechain stays above its first support from the current level, i.e., US$0.007; if it breaks down this support, VET can retrace to 5 cents.
Wallet Investor
2021 price prediction: Highly bullish
Long term price prediction: Highly bullish bullish
Like Fxstreet, a Wallet investor’s VET price prediction says that VET will climb new heights this year. According to Wallet Investor, the VET to USDT price will go as high as 11 cents this year. The five-year forecast of the same is as high as 29 cents.
Wallet investor’s VET price analysis believes that this coin is worth buying, and there is no chance of a crash.
Crypto rating
2021 price prediction: bearish
Unlike others mentioned in the list, Crypto rating uses the concept of CVIX to analyze a coin. CVIX or Crypto Volatility Index of a coin depicts the volatility in the price action of the respective cryptocurrency. To give you a brief idea, CVIX below 20 is a predictable market, from 21-50 is a swinger’s market, and CVIX above 50 is an unpredictable and volatile market.
According to the Crypto rating’s VET price prediction, the CVIX of VET is 70. This means we can expect sharp fluctuations in the market, and the past couple of months have been very volatile for VET.
Note: The points mentioned above are not financial advice; they just give investors an insight into the coin and what various analysis institutions think about VeChain. So always do your own research.
Are you interested in buying VET from India? We have got you covered; check out the WazirX exchange, India’s best and busiest exchange with three trading pair currencies (USDT, BTC, and INR) and over a hundred cryptocurrencies to trade on.
Further Reading:
Bitcoin Cash Price Prediction: How much is it worth in 2021?
Ethereum price prediction: Will it hit $5000 in 2021?
Dogecoin Price Prediction 2021 : How much is it worth in 2021?
5 Critical Bitcoin Price Prediction For 2021
Digibyte Price Prediction : What’s in store for us?
TRON Price Prediction: How much is it worth in 2021?
Zilliqa Price Prediction: How will it perform in 2021?
Frequently Asked Questions
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
