5:13 AM UTC
VeChain (VET) peaked at $0.25 in the 2021 bull run. The cryptocurrency was under market corrections after the all-time high was established but bullish momentum was restored. However, the market soon crashed and VeChain fell to a 30-day low of $0.05.
The recent price actions show that the cryptocurrencies may embark on an uptrend. At the time of writing, VeChain stands at a price level of $0.086. The price has increased by 6% in the past twenty-four hours while the trading volume has gone up by 30%. The technical indicators show a bearish market outlook with a majority of the indicators giving out a signal of sell rather than buy.
VeChain has a unique offering as it employs the blockchain technology – more specifically, the distributed ledger technology (DLT) – to improve business processes. VeChain’s aim is to enhance the supply chain process and improve the business ecosystem by increasing the efficiency of transfers.
The roadmap of the network is ambitious with plans to become a platform where ICOs can be conducted and an intermediary between the Internet of Things (IoT) and other devices.
VeChain (VET) is expected to move up in the longer timeframes. However, no phenomenal growth is expected from the cryptocurrency and it is expected to stay in the range of its discovery price. VET crypto’s future projections estimates the cryptocurrency will stay below $1. Wallet Investor’s price prediction places VeChain coin at a price of $0.23 after a year while the five-year forecast predicts a price of $0.86.
Digital Coin Price also expects a similar price from the cryptocurrency. Per their estimates, VeChain will reach towards $0.12 towards the end of the year while the price at the end of 2028 is expected to be $0.40.