VeChain is one of those cryptos that was emphasized in 2021. The VET coin soared more than 1000% when the crypto market prospered that year during the March 2021 bull run. Yet, VET prices fell pretty badly and destroyed most profits after the crypto market’s adjustment. In this VeChain price prediction, can VeChain price touch the $5 mark soon? Let’s see.
What is VeChain?
VeChain is a blockchain network launched in 2015. In the years that followed, the network was slowly optimized before the cryptocurrency was listed on Coinmarketcap in 2018. VeChain took over the blockchain technology from Ethereum and extended it further on its own. VeChain has placed itself as a “blockchain for businesses”. The blockchain is created to take over services for businesses in the B2B sector. This is how the alias “Ethereum for Business” was born.
Initially, the own was an ERC-20 token dubbed VEN. But in 2018, a re-branding happened. Since then, VeChain’s own blockchain has been named “Thor” and VeChain’s own token “VeChain Thor (VET)”. Most of the time, VeChain is still utilized to explain the project. VeChain’s coin is the VET. The blockchain utilizes its own consensus mechanism “Proof-of-Authority”.
VeChain Price Prediction: VET Prices are up
In the last seven days, the VET prices are increased by almost 20%. At the time of writing this, the price is sitting at $0.03149101. After the first crypto decline that occurred back in May 2021, Vechain prices reached a low of $0.06. From there, prices tried to reverse and brushed a significant resistance price of $0.16. Following the crypto market likewise, prices dropped back to the price of $0.046 in February 2022, offering more than 65% in value within less than 3 months.
Now, if we look at the weekly chart of the VeChain price, we can notice that the price is currently in a different zone. This zone sits between $0.02245 and $0.02546. Once the bottom of the zone ($0.02245) touches, we anticipate prices to continue sharply lower. Considering the whole crypto market, we would hope the support zone falls. The entire crypto market is still bearish, which is why a bearish breakthrough is more likely than a deadlock.
How high could VeChain go?
The daily chart delivers a rather bullish view. VET has split out from the $0.0265 resistance area. The daily RSI has pushed above 50 and is still growing. This reinforces the probability that the upward movement will persist. If so, the nearest resistance area would be $0.0335. If the price touches this zone, it would suggest that it has broken out from the long-term position, hence suggesting that the long-term trend is bullish.
If the crypto market manages to reverse, Vechain price can definitely make an outstanding improvement. The upside is much more significant than the downside, of course, using proper risk control when positioning trades. If we opened a long position at the current price or more compared to the support level, our profit-taking mark could be fine. It is very necessary to mention that Vechain price depends fully on the Bitcoin price trend. If Bitcoin persists to go down, VET will most likely reach the support levels mentioned above. Only when the Bitcoin trend changes upwards will the Vechain structure make sense and profit. So, the $5 mark at this moment looks impossible.