Updated July 4 2021: Vechain did not see the end it wanted to see after an attack that occurred in March 2019. Vechain Foundation lost VET tokens in the amount of $6 million. This incident was caused by human error and led to the resignation of the CFO. The Foundation issued an announcement, saying that they have fixed the error , and left the final decision on burning the tokens stolen to the community.
Vechain Collaboration Amazon Web Services
VeChain and Walmart China Work Together To Design A Food Safety Platform
VET Price Prediction TradingView Analysis Updated April 11, 2021
The implementation of blockchain technology by the Chinese government is likely to benefit the VET token in significant ways both financially and in terms of price. Last October, the president of China Xi Jinping said that blockchain technology was likely to be a key factor in the new technological advancement and the industrial revolution.
In this article we will review some expert predictions, technical analysis, and recent events that could have the potential of pushing the VeChain price higher this year.
Are you looking for the most reliable location for Vechain's VET to be traded? You can do so with ETH, BTC, or BNB on the Binance exchange.
Experts' Opinion On What to Expect From Vechain will rise
It is crucial to be aware of what crypto experts have to say about the future price of your favorite coin. Although their predictions might not be accurate but they will certainly affect the market. Let's take a look at some experts' views on Vechain price prediction.
Roger Ver, also known as "Bitcoin Jesus" and one of the most well-known voices in crypto, believes that VeChain is on the right path towards the future of cryptocurrency. The platform's primary mission is to address real-world issues and has applications serving many industries. Ver declared that, in while he's intrigued by the blockchain that enables a permissionless peer-to-peer digital cash system, VeChain has some exciting ways to use them to stop counterfeit goods and make P2P markets that are permissionless more reliable.
Tim Draper is a Silicon Valley legend and an acclaimed investor in many companies. Draper also believes in digital currencies. He joined the VeChain team in the beginning of 2017. This was applauded by the VeChain Foundation, who stated that Draper and the platform has the same vision with regard to the future of crypto currency and blockchain-based solutions.
In 2020 the price of VET is expected to experience a series of spikes, and if the altcoin market shows significant positive momentum, it could propel the price of the token towards the $0.5 threshold. We have observed that in 2021 the digital currency was able to hit a peak of $0.23.
Everything will depend on how the digital currency will follow the trends set by Bitcoin (BTC). VET is currently the 13th largest currency in the world and is expected to continue growing in the coming months if the bullish market continues.
Vechain Price News
This month has seen VeChain rise by more than 100 percent, and for the first time since the summer of 2018, VET has broken the 200-day exponential moving average (EMA). The coin also broke a 14-month-long downward trend within the same time frame. The rises can be attributed to the Chinese president Xi Jinping embracing the blockchain technology.
As we have mentioned earlier, VET price is currently $0.23 and it has a market valuation of $14.79 billion.
The outlook and forecast for price for the next 3 to 6-months will be cautious. However, cryptocurrency prices can alter quickly and any price fluctuation could happen. For example, BNB in 2021 saw its price rise from $40 to $500 dollars in only a few short days.
Based on the elements we've analyzed Our prediction for VeChain Price is $0.015 to $0.040.
This is because of the factors explained below, including the cost of the THOR (VTHO) tokens, as well as its use and Transactions on the VechainThor platform. There are also other factors to take into consideration.
The market could fall when it begins the bear trend. VeChain has formed a partnership with PWC and Salesforce to develop new enterprise-level solutions for clients.
Disclaimer: We aren't financial advisors and the information provided in this article is not intended to be investment advice. This information is intended to be used for educational purposes only. This guide is not intended to replace professional advice.
The Impact of Vechain THOR on the VET Price
Many think that VET token's value will be determined by the THOR it produces. What's the worth of THOR then? Well, we know that the minimum production rate is going to be .00042 the THOR for each VET day, but what is 1 THOR worth?
We're not quite sure. Due to the low volume, there's not been any THOR price change during the first two months. A lot of people are looking to hold their THOR prices up until the volume grows.
Additionally, the only location you can trade it is on the LBANK exchange. This will change once OceanEX's trading platform goes live towards the end of October.
OceanEx will run on VechainThors blockchain platform and holders can transform or invest VTHO straight into VET and, in turn, increase the VeChain price. This is one of the numerous reasons VET price could rise.
The demand for THOR will also rise as Vechain's business partners begin making use of the blockchain. All of us at the moment is waiting for the moment when the project truly "comes to life".
The majority of companies are currently on test net running test transactions, but this will soon change. We anticipate a move to the main net shortly. This will enable an increase in smart contracts and transaction numbers to be recorded before the year is over. Veforge allows you to monitor transactions.
There are many other partnerships between VeChain and well-known companies in the market. The Norwegian Royals, for example have witnessed VeChain's and DNV GL agreements a few months back. This is certainly bullish for the entire cryptocurrency market, which is growing on a daily basis.
More Transactions Coming Means More Pressure on the VET Price
The more transactions and smart contracts on the chain , means more VTHO will be burned. These transactions need VTHO to be used and burned.
As more VTHO is consumed, businesses will have to enter the market to purchase additional VTHO for the purpose of blockchain writing. This could increase the value of VTHO. If an entity doesn't want to do this then it can purchase VET and create its own THOR; this would result in a price increase in the coin native to it (VET) but still increasing the value of the holders.
While all of this happens, Vechain is currently in talks with the Chinese government to develop an entirely new carbon ecosystem, this time with multiple players (large enterprises) which could. Participate. This is more than BYD’s Carbon Credit application to electric vehicles. Vechain could find itself as the primary blockchain for an entire system of the "tracked" economy within Chinese initiatives.
Collaboration between Vechain and Amazon Web Services
On the 18th of February VeChain revealed that it had partnered with Amazon in an arrangement that will see the network of cryptocurrency expand and increase its value in the coming few months. A one-click connection of the blockchain solution to Amazon Web Services will enable many businesses to quickly and safely deploy blockchain-based applications.
Amazon Web Services logo
The integration will take place via VeChain's Blockchain as a Service (BaaS) which was first introduced in 2016. This platform offers a variety of solutions, including NFC-RFID chips, an IT-related services for enterprises, as well as blockchain encryption.
The BaaS platform will now allow various businesses to create and use their own blockchain apps even if they do not possess any technical expertise. It will be easier for companies to run their smart contracts through the cloud.
With the one-click solution, VeChain's BaaS solution will make use of AWS CloudFormation service and allow customers to deploy in just one click. This will help eliminate the tedious manual deployment process that is often associated with this emerging industry.
The new collaboration was met with enthusiasm by the VeChain community and as of the time of writing, VeChain has gained 16% over the last 24 hours. This positive momentum is expected to continue for the next few months as VeChain becomes the top blockchain platform.
VeChain Works With Walmart China to provide a food Safety Platform
Walmart China has recently announced the launch of a new VeChain powered food traceability platform. The aim is to provide consumers with the ability to get more information about the quality of food they're buying.
The QR codes from different products made in China can be read by users to help them to understand the manufacturing process.
Wal-Mart is committed to being a reliable retailer for customers. In the 23 years since it entered China, Wal-Mart has continuously striving to increase food safety and quality management. Blockchain technology will help Wal-Mart become a leader in the field of retrospective management of commodities within the retail industry."
The new traceability system will allow fresh meat that is traceable to account for half of all sold fresh meat in packages. Vegetables will make up 40% of the total packaging vegetable sales. Furthermore, traceable seafood will be responsible for 12.5 percent of the total seafood sales by the end of 2020.
This is vital for VeChain holders that are trying to understand how the digital currency will perform in the future. VeChain Insider says that the recent increase in VeChainThor transactions can be attributed to Walmart's decision to join the chain with 23 items.
Every transaction will require VTHO that is generated by VET. Every day 37 million VTHO are created. More than 20 million VTHO are also burned each day. The amount of transactions may increase since Walmart is planning to expand the platform by additional 100 product lines.
It is important to note that this is going to be just one of the partners for VeChain. The product is showing promising outcomes in China and there could be other interested parties in improving their solutions through VeChain's blockchain technology.
The VeChain team says there may be over 2 million transactions per day with Walmart China. This makes VeChainThor an even bigger network than Bitcoin (BTC) and Ethereum (ETH) together.
There are also other companies across the globe that are already using blockchain technology to track the different products sold at the grocery store. This is a huge benefit for individuals that would be able to have more information regarding the products they purchase in different shops across different countries.
A cryptocurrency network needs to be backed by solid foundations. It is essential that crypto and blockchain-related projects are in operation during periods of low growth or bear markets. They should also continue to improve the services they provide to people. VeChain is growing on the market. The number of accounts with more than one VET has increased by nearly 4 percent since August's start.
Businesses must embrace VeChainThor to enhance their products and services. This will increase the adoption of VeChain and also increase the price of the VET digital asset. The more partnerships and agreements signed with businesses are expected to be extremely bullish in the long run price of the digital asset.
The analyst is sharing very useful information regarding the present state of the market for cryptocurrency, and VeChain (VET). He shows that there has been a dramatic shift in the investor's sentiment as well as feat of the continuation of the decline in price. There is an overall consolidation in these levels as evidenced by the recent rise in trading volumes between 0.66 USDT & 0.75 USDT.
He is of the opinion that VET could move higher by near 0.116 USDT or 0.12 USDT. He then analyzes the VETBTC chart and finds that there are sellers that attempted to get a foothold below the range between 0.000002 and 0.00000236.
For the trading pair VET/USDT The analyst reveals that the virtual currency is now following the same trend as the largest virtual currencies in the market. The digital currency was able to experience an uptrendand reached the highest level of 0.28 USDT per token. This was then followed by an "brutal market correction.
You can also see price trading between the support and resistance areas shown on the chart. If the price moves upwards and then reaches the resistance zone, then we could see a reversal if the coin is not able to make a significant breakout.
Let's go on with VeChain (VET) with an analyst who says that this weekend is predicted to be "big" for the virtual currency. He explains that there is an important resistance to be broken. The first is close to $0.14. This is very significant for the virtual currency because it would show that it is in the right position to move higher.
If the value of digital assets falls, it could reach $0.10 per coin in the worst-case scenario. But, this is advantageous for those looking to enter the market at a lower cost. VeChain is the only cryptocurrency available that deals with the supply chain, data and logistical issues.
Recent FUD expansions in the crypto market have had a significant influence on the Vechain price prediction. This has affected a broad variety of people all over the world who were investing in this rapidly growing digital currency.
This analyst gives a 4-hour analysis of VeChain. He describes how the coin moved into support structures which were before bouncing around on local views. Furthermore, VET has developed the descending channel formation that is also in line with the wave count as a part of an A B C form.
It is essential to know how VET gets closer to the lower zones of support and also how it manages to leave them behind and bounce from these levels in the near future.
Analysts believe that the VET/USDT trading pairs has positive signals that indicate that the shape of the triangle could be set to break. He showed in the triangle that he believes that there could be a breakout from these levels.
