VeChain Price Prediction: Can VET Coin Price Reach $1 Following Bitcoin Halving?

The core characteristics of blockchain technology—decentralization, immutability, transparency, and automation—offer a range of applications for various industries. Yet, the costs associated with developing and operating blockchain-based solutions can make it challenging and costly for companies to fully exploit these advantages. To address these challenges, several projects have sought to reduce the barriers to entry for blockchain adoption. VeChain, for instance, is a blockchain platform designed to enhance the broader adoption of this technology. In the supply chain sector, a major problem is the lack of transparency. Blockchain technology addresses this issue by facilitating direct transactions between businesses without the need for intermediaries. It also enables the sharing of data among stakeholders and promotes the integration of financial and logistical services. In this article, we’ll explore VeChain price prediction with an in-depth technical analysis of the VET token price to determine its current sentiment and future potential.

VeChain: A Quick Introduction

VeChainThor is a public blockchain designed for broad adoption by businesses of all sizes, serving as the foundation for a robust and scalable enterprise blockchain ecosystem.

VeChain notes that while Ethereum marked a significant advancement in blockchain technology, it is not well-suited for large-scale commercial decentralized applications (DApps). This is partly due to Ethereum’s lack of a strong governance structure, which is necessary for swiftly and transparently implementing protocol changes in response to new developments or challenges.

Moreover, Ethereum lacks an economic model that allows businesses to operate their DApps at a manageable and predictable cost. The volatility of Ether’s price further complicates the ability for companies to predict the future costs of running an Ethereum-based DApp.

VeChain sets itself apart by addressing these issues through several innovative features on the VeChainThor blockchain. These include meta-transaction capabilities, a proof-of-authority (PoA) consensus mechanism, an on-chain governance system, and a distinctive dual-token model.

The VeChain platform utilizes two specific tokens: VeChain Token (VET) and VeChainThor Energy (VTHO). VET is employed for value transfer within the VeChain network, while VTHO functions as the “gas” or energy required to execute smart contract transactions.

Sunny Lu, the visionary behind the VeChain blockchain-based solution, realized his dream in 2015 to perfect the supply chain and product management lifecycle. Before founding VeChain, Sunny Lu gained extensive experience in the industry during his tenure at Louis Vuitton China.

VeChain: Working Module

VeChain aims to establish a trust-free and distributed business ecosystem that enhances transparent information flow, efficient collaboration, and rapid value transfers. Currently, supply chain data is isolated within silos across various stakeholders, which disrupts the flow of information.

VeChain’s white paper suggests that blockchain technology can resolve this issue of asymmetric information by returning data ownership to its rightful owner. The VeChain platform is designed to offer a comprehensive view of all relevant product information and business processes—including storage, transportation, and supply—to authorized stakeholders, thereby increasing market transparency. Here’s a simplified explanation of how VeChain operates within supply chain management:

·        Unique Identification Creation: Each product or batch receives a unique identifier, such as an NFC chip, RFID tag, or QR code, critical for tracking its journey along the supply chain.

·        Data Capture and Recording: At every stage of the supply chain, pertinent details such as manufacturing data, batch numbers, expiration dates, storage conditions, and transit specifics are recorded. This data is then stored on the VeChain blockchain.

·        Blockchain Entry: The recorded data is logged onto the VeChain blockchain, where each entry is time-stamped and linked to the previous one, creating an immutable and transparent record chain.

·        Smart Contracts Activation: Smart contracts on the blockchain automatically execute agreed-upon actions when certain conditions are met. In supply chain contexts, this could trigger payment releases or update the status of a product when it reaches a specific location.

·        Real-Time Tracking and Verification: All supply chain participants, including customers, distributors, and retailers, can track and verify products in real-time via the blockchain, enhancing transparency.

·        End-User Interaction: Consumers can interact with the blockchain records to verify a product’s authenticity and history, fostering trust and ensuring product authenticity through a smartphone app.

·        Continuous Updates and Audits: The blockchain continuously updates the product’s records throughout its lifecycle, allowing for ongoing audits for compliance and quality assurance.

·        Stakeholder Verification with KYC: VeChain incorporates Know Your Customer (KYC) processes to verify the identities of businesses and stakeholders, ensuring only verified participants are involved.

·        Blockchain Nodes and Integrity: Different nodes, like Authority Masternodes and Economic Nodes, record transactions, maintaining the data’s integrity and transparency. Smart contracts within this system help automate essential operations such as confirming deliveries or payments, streamlining transactions securely without middlemen.

All About VeChain ToolChain, NFTs And VeUSD

VeChain ToolChain is a key offering from the VeChainThor blockchain platform, designed to make blockchain technology easily accessible to businesses of all sizes. It provides platform-as-a-service (PaaS), software-as-a-service (SaaS), and blockchain-as-a-service (BaaS) to help businesses implement blockchain solutions quickly and efficiently. 

These services range from process customization using low-code options to traceability features for the food and beverage industry. Additionally, VeChain offers a restful API through its BaaS, enabling secure, standardized smart contract services and data exchange over the internet.

NFT Sector

VeChain’s NFT ecosystem includes the VeSea marketplace, where users can create and trade NFTs like VeKings and Veysarum using the VIP-181 standard. Users need a VeChain-compatible wallet, such as VeChain Sync2 or VeChainThor Wallet, to interact with VeSea. Another platform, World of V, allows for gas-free NFT creation and supports staking within its ecosystem.

The VeKings collection originally had 9,999 pieces but has since been reduced due to burn events, with 6,866 NFTs currently in circulation. The Paper Project Alpha Collection features 11,880 unique NFTs by artist Emmet Ahlstrom, further highlighting VeChain’s NFT offerings.

VeUSD

The VeUSD stablecoin, pegged 1:1 to the US dollar, was introduced on the VeChainThor blockchain to provide a stable digital currency option within the VeChain network. Launched for public minting on March 14, 2022, after being announced on January 5, 2022, VeUSD maintains its stability through reserves of US dollars.

This stablecoin combines the benefits of cryptocurrencies—speed, ease of use, and security—while mitigating their volatility. VeUSD is used within the VeChain ecosystem for various transactions, including payments and remittances, and serves as a stable medium of exchange for decentralized finance (DeFi) applications.

VeChain Price Prediction: Price History

Let’s dive into some historical data on VeChain’s price. Although past performance is not necessarily indicative of future results, understanding the historical achievements of the coin can offer valuable insights for making or evaluating VeChain price predictions.

VeChain made its debut on the open market in 2018, priced around $0.01, and remained near this level for the next few years.

The scenario improved significantly in early 2021 during a cryptocurrency boom, with VeChain reaching its peak at $0.2782 on April 17. However, following this peak, the price experienced a decline, dropping below $0.10 during the summer. By autumn, it stabilized around $0.15, but ended the year at $0.0828.

2022 was a challenging year for the cryptocurrency sector overall. Initially, VET’s performance was fairly stable, but it took a hit in May, falling below $0.03 due to the fallout from the collapse of the Terra (LUNA) blockchain. The situation worsened when the FTX (FTT) exchange went bankrupt, and VeChain finished the year at $0.01578, marking an 80% decline over the year.

VeChain (VET) had a largely unsatisfactory year in 2023, though it showed improvement towards the end. The year began positively with the cryptocurrency rallying to over $0.03 in February, but then it experienced a decline.

On June 16, amid market turbulence following the SEC’s lawsuits against the Binance and Coinbase exchanges, VET’s value dropped to $0.01442. Nevertheless, it managed a recovery, surpassing the $0.02 mark in late June and early July.

In August, the market took another hit when Elon Musk’s SpaceX sold a substantial amount of [ccpw id=60415], causing VET to fall to $0.01467 by September 11. Positive developments related to Coinbase, however, helped VET rebound to about $0.1625 by September 14, 2023.

VeChain rallied in the final months of the year, ending 2023 at $0.03424, which represented a more than 115% increase throughout the year.

In recent months of 2024, VET coin price has been making upward momentum as it surged toward $0.05 in February following bullish market sentiment. In recent weeks, the price has been consolidating around the $0.04 mark.

VeChain Price Prediction: Technical Analysis

VET price has been fluctuating between $0.036 and $0.043 recently, reflecting uncertainty among traders about the future price direction. However, buyers continue to dominate the price chart, resulting in an upward push in VeChain. As of writing, VET price trades at $0.041, declining over 1.2% in the last 24 hours. 

Should buyers break past the 200-day EMA resistance at $0.042, the VET/USDT pair might climb to the next resistance level at $0.05. This is a crucial point for bears to hold as surpassing it could pave the way for a surge to $0.061. Beyond this, the pair could potentially achieve the pattern target of $0.07.

Conversely, if the price declines and falls below $0.036, the pair could confirm a bearish pattern, potentially triggering a decline to $0.029, and possibly further to $0.023.

VeChain Price Prediction By Blockchain Reporter

VeChain Price Prediction 2024

VeChain price prediction forecasting to reach a lowest possible level of $0.0487 in 2024. The VET price could reach a maximum possible level of $0.0575 with the average forecast price of $0.0506. 

VeChain Price Prediction 2025

The price of VeChain is predicted to reach a minimum value of $0.0715 in 2025. The VeChain price could reach a maximum value of $0.0840 with the average trading price of $0.0736 throughout 2025. 

VET Price Forecast for 2026

According to the forecast and technical analysis, in 2026 the price of VeChain is expected to reach a minimum price value of $0.1022. The VET price can reach a maximum price value of $0.1251 with the average value of $0.1059. 

VeChain (VET) Price Prediction 2027

According to the forecast price and technical analysis, in 2027 the price of VeChain is predicted to reach a minimum level of $0.1470. The VET price can reach a maximum level of $0.1810 with the average trading price of $0.1523. 

VeChain Price Prediction 2028

The price of VeChain is predicted to reach a minimum value of $0.2110 in 2028. The VeChain price could reach a maximum value of $0.2548 with the average trading price of $0.2171 throughout 2028. 

VeChain Price Prediction 2029

VeChain price is forecast to reach a lowest possible level of $0.2955 in 2029. The VET price could reach a maximum possible level of $0.3630 with the average forecast price of $0.3064. 

VeChain (VET) Price Prediction 2030

According to the technical analysis of past price data, in 2030 the price of VeChain is predicted to reach a minimum level of $0.4329. The VET price can reach a maximum level of $0.5266 with the average trading price of $0.4451. 

VeChain Price Forecast 2031

According to the technical analysis of past price data, in 2031 the price of VeChain is forecasted to be around a minimum value of $0.6353. The VeChain price can reach a maximum of $0.7387 with the average trading value of $0.6531. 

VeChain (VET) Price Prediction 2032

The price of 1 VeChain is expected to reach a minimum level of $0.8888 in 2032. The VET price can reach a maximum level of $1.08 with the average price of $0.9215 throughout 2032. 

VeChain Price Prediction 2033

The price of VeChain is predicted to reach a minimum level of $1.28 in 2033. The VeChain price can reach a maximum level of $1.51 with the average price of $1.33 throughout 2033. 

VET Price Target: By Experts

According to Digital Coin Price, by 2026, market analysts and experts foresee that VET will commence the year at $0.12 and hover around $0.15, marking a significant increase from the previous year. This rise in VeChain’s value is seen as a noteworthy advancement.

Further predictions by Digital Coin Price indicate that by the start of 2030, VeChain’s price is expected to ascend to $0.31, maintaining this level through the end of the year. Additionally, the price of VET could peak at $0.28 during the year. The period from 2024 to 2030 is anticipated to be a pivotal phase for VeChain’s growth.

According to the latest VeChain price prediction from Coincodex, the price of VeChain is expected to decrease by -3.03%, reaching $0.040747 by May 21, 2024. The technical indicators from Coincodex suggest a neutral market sentiment, while the Fear & Greed Index indicates a score of 72, pointing to greed. Over the past 30 days, VeChain has experienced 18 green days, which is 60% of the time, with a price volatility of 5.59%.

Coincodex suggests that it is currently a favorable time to purchase VeChain. Moreover, based on historical price movements and the BTC halving cycles, the lowest predicted price for VeChain in 2025 is $0.038651. Additionally, VeChain’s price is projected to reach up to $0.161042 in the following year.

Is VeChain A Good Investment? When To Buy?

VeChain strives to boost the widespread use of blockchain technology by tackling challenges like the expensive upkeep of Ethereum-based DApps. With applications in supply chain management and various sectors, choosing to invest in VeChain should align with your financial goals and risk-return preferences.

However, putting money into a cryptocurrency where you lack confidence can be hazardous, possibly leading to the loss of your investment. Thus, it’s crucial to base your asset allocation on your anticipated investment returns. It is advised to invest in VET tokens at a price of $0.025 for a profitable return in the long run.

Conclusion

VeChain is a layer-1 smart contract platform that enables developers to build custom smart contracts and DApps. It is utilized in logistics, supply chain management, and other sectors to improve business operations. Investors, however, should carefully evaluate the advantages and disadvantages before deciding on portfolio allocations.

The future of VeChain, like many technologies, is unpredictable, and it remains to be seen whether it will rival Ethereum. Regardless, it will be intriguing to watch how VeChain contends with competitors and presents unique solutions to gain a competitive advantage.

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