Vechain is an independent blockchain platform that aims to improve business processes and better supply chain management. It plans to enhance the business ecosystem by enabling businesses to share information, collaborate and transfer value among each other for free.
Conventionally, most information among businesses is rarely shared. Vechain aims to change this by availing information about a business and its products/ services to the market. However, it protects the ownership of the data and products by maintaining the ownership rights to the owner/ creator of the products.
Vechain has two native tokens, Vechain Token (VET ) and Vechain Thor Energy (VTHO ). VET is the value transfer token, and the VTHO powers the transactions in the Vechain Blockchain.
Vechain Market Valuation
At the time of writing, the VET is trading at $0.131, a daily volume of $533 million, and a market cap of $8.4 billion. It has a supply of 64.32 billion tokens in the market and a maximum supply of 86.7 billion tokens. In March 2020, VET was at its all time low of $0.001678. Since then, the price has increased by more than 16500% making VET a great investment for investors who bought and held the token.
Will Vechain Short Term Trend Remain Bullish?
Alt Text: Vechains weekly chart
From the weekly charts above, VET has been in a short term retracement, but overally, it is in a bullish trend. We expect the price to go down to the demand zone level of $0.1079 or to the psychological level of $0.1000 to collect some contracts and then continue with the long-term bullish trend. We can also see a reduction in the volumes meaning that the bearish retracement might be ending.
By mid 2022, we expect the price to have broken the short term high of $0.1901 and by the end of the year, to have broken the all time high $ 0.28 and form a new high at $ 0.3. In the first quarter of 2023, we expect prices to be ranging between $0.30 and $ 0.35.
Because $0.28 is an important support zone, we don’t expect the price to cross below this point. By December 2023, the prices should be bullish above the $ 0.40 psychological level.
Vechain 2024- 2025 Price Predictions
Since the previous bullish rally increased by about 16500%, we expect the next long term bullish phase to rally by at least 12375%. This is about 75% of the previous rally. By mid 2025, We expect the price to have hit an all time annual high of about $16.
Vechain might hit prices higher than this predicted high since we expect increased adoption of Vechain by 2025.
Is VET a Good Investment?
Since the token was built to empower businesses, it might have higher adoption rates in the future and more investments. This will increase the market valuation of Vechain, making it a great investment. Our price predictions also show that Vechain is a great token to buy and hold.