VeChain is one of those cryptos that was highlighted in 2021. The VET coin skyrocketed more than 1000% when the crypto market blossomed that year during the March 2021 bull run. Yet, VET prices failed pretty badly and obliterated most profits after the crypto market’s adjustment. Today in 2022, prices are declining heavily, as a piece of a bearish movement. Can the VET coin rise again in 2022? VeChain is a blockchain-based platform for the supply-side of the “Internet of Things” (IoT). It allows blockchain technology to be applied to supply-side industries including banking, logistics, manufacturing, etc. VeChain aims to solve two major problems in enterprise and supply chain management: counterfeit goods and trust. For example, VeChain can help in building a single digital ledger on which all parties can sign off on transactions related to physical or digital assets.
VeChain Price Prediction: VET Prices are down since November 2021
VeChain price was 56.4 cents per token in early November of 2021. After its explosive rise in the second half of 2021, VET prices dropped to their current price of just around 20 cents per token. The crypto market’s significant decline and the failure of VET’s high-intensity Bullrun meant VeChain prices were under intense pressure. From mid-November to mid-December, VeChain had fallen by more than 60%.
In December 2021, VeChain bottomed at around 27 cents per token. The price started to recover in November as the nascent recovery effort kicked in with many cryptos; however, VeChain prices have not been able to recover for more than a month now. In the short term (1-2 weeks), VET prices will most likely remain depressed as the market struggles to break above $30 billion. Possibly, the price will bounce faster than expected if cryptos can break above $35 billion.
VeChain Price Prediction: Could VET rally in 2022?
The bright future of the VeChain platform is reflected in its price-performance during 2019. VeChain token prices were among a few that generated high percentage price gains during the year. In fact, on January 7th, VET was trading at 47 cents per token, and at press time, it is almost at 60 cents per token in early February of 2021. VeChain is one of the few cryptos that managed to maintain a bullish trend throughout 2019 with almost no corrections. The current VET price of around 60 cents is higher than the price in end-January 2019 (44 cents). This positive trend in the short term is a positive sign that VeChain prices will continue to grow during 2019.
VeChain has been able to overcome most of the obstacles within its system and has exceeded expectations since its establishment. The VET coin’s market capitalization even spiked above $600 million on January 7th, as VET prices became more stable in part due to a surge in its trading volumes.
How low could VeChain drop?
This question is hard to answer since VET has been the best performing crypto among cryptocurrencies that have a market cap above $600 million in 2019. The co-founder of VeChain, Sunny Lu, said he was extremely confident about 2019 and that “anyone who has bought into VeChain” would not regret it. VeChain has made some major partnerships including with BMW. These are promising signs that could lead to a higher price. 2019 is definitely off to a great start for VeChain and its long-term outlook is positive.
The cryptocurrency space is in a bullish trend and with cryptos on the rise, VET could easily see higher prices within the next twelve months. For starters, VeChain might likely see a similar rise to the one it had in early 2021. VeChain price was at 56 cents per token in early November of 2021, which can be compared to its current price of around 60 cents per token. If VET prices can surpass its previous high of 80 cents (arrived at on January 7th), then VeChain could start generating positive returns for investors who have confidence in its long-term prospects.
VeChain Price Prediction: A bright future ahead?
The VeChain project is geared towards blockchain-based supply-chain management solutions, which means its core focus is mainly on logistics service providers. This could be one of the reasons why VET prices are declining in mid-February as investors decided to move their money to more traditional projects. Several factors have contributed to the decline in VeChain prices. The cryptocurrency market’s bearish movement and the fact that most major technical indicators have turned bearish mean that VET prices are headed for a lower level.
