VeChain Price Prediction And Analysis In May 2020

We will be taking into account historical price trends, developments, and market opinions for VET so that we can create a VeChain price prediction for May 2020.

VeChain Overview

VeChain is the name of a blockchain project and coin that were created for supply-chain management and tracking.

VET is currently ranked in 36th position based on a market cap of $232,731,142, with a 24-hours trading volume of $180,000,579 worth of VET. There are 55.454.734.800 VET coins in circulation out of a total supply of 86.712.634.466 VET. The price of VET is $0.004197, with a decrease of -6.71% in the last 24 hours.

VeChain Price Prediction: Analysis

VeChain has been bearish since February and mid-March, with a major fall on March 12^th, going down from $0,004449 to $0,002401, but from March 13^th, the coin started regaining bullish momentum. VET closed the month at $0,003132.

Until April 24, VET was trading well above the $0.003 level, gradually increasing, but only managed to touch the $0.004 resistance level once in those weeks. It closed April 24^th at $0,004109 and continued with its bullish momentum, gradually increasing and not going below the $0.004 level.

On a 7 day-weekly chart, the coin started trading at $0.0040 and reached $0.0048, where it met heavy resistance, which pushed the coin back to $0.0044. The VeChain price graph has indicated the start of a bearish movement, as the coin went below crucial $0.0045 support levels.

On April 29^th, although VeChain successfully surpassed $0.0045, it did not manage to hold on to its gains, closing the day at $0.0043. It is now crucial for VeChain to maintain itself above $0.0045 in order to further move up to $0.0050. If the coin fails to do so, a significant correction is in store, which would bring the coin down to the major support level of $0.0035.

The resistance, pivot, and support levels calculated by WalletInvetsor are:

• Resistance Level (R3): 0.00550
• Resistance Level (R2): 0.00516
• Resistance Level (R1): 0.00497
• Pivot Point: 0.00463
• Support Level (S1): 0.00444
• Support Level (S2): 0.004096
• Support Level (S3): 0.00391

Developments

VeChain’s (VET) has recently revealed a collaboration with Tricol Group, a company that makes protective masks, which will integrate VeChain NFT into over 200,000 KN95 masks that will allow buyers to prove the authenticity of the masks, stated reports from April 8, 2020.

According to a tweet by Real Items, Tricol Group has a daily capacity of 200,000 KN95, and all orders produced via its partner firms as well as on realitems.io will have integrated a VeChain NFT for product authenticity.

KN95 masks have been reported to be just as functional as N95 respirators, and users will have the means to track their origins through blockchain digital certificates.

As VeChain is a legally compliant blockchain solution for the supply chain in China, the VeChain Foundation has partnered up with the Chinese General Council of Anhui Tea Industry Association. This collaboration enables 670 Chinese companies from the tea industry to implement the VeChain Thor blockchain.

Another partnership of VeChain is with Shanghai Gas (Group) Co. Ltd., a big energy provider in the Shanghai Metropolitan, revealing their intent to build a blockchain-enabled energy project.

The Crypto.com exchange revealed on April 29^th that it would start supporting VeChain (VET) trading on its platform. Also, stakers of their exchange’s native coin, CRO, will be able to buy VET at a discounted rate of 50%. Three VeChain pairs will be listed: VET/BTC, VET/USDT, and VET/CRO.

The Foundation has also publicly announced the release of the new version of VeChain Thor blockchain. According to reports, VeChain Thor version 1.3.3 is designed to enhance maintenance, performance, and user experience.

From their posts on Github, the new version will have the following changes:

• for customnet: accept bigint in hexadecimal string;
• fix a minor bug that in rare cases the master node will ignore better block when receives two or more blocks with the same number almost at the same time;
• improve solo in on-demand mode;
• allow to query pending tx via GET /transactions/{id}?pending=true;
• bump API version to 1.3.2.

VeChain Price Prediction: Market Opinion for May 2020

Since several sites have issued their own VeChain price prediction, and as usual, we will be including some of them to better convey the general market sentiment for VET.

TradingBeasts

TradingBeasts estimated that VET will start the month of May at a price of $0.0057765. The site predicted a maximum price of $0.0071208, a minimum price of $0.0048422, and a closing price of $0.0056967. The change for May was calculated at 22.23%.

Digitalcoinprice

Digitalcoinprice’s VeChain price prediction is once again very optimistic, expecting a trading price for VET of $0.00754291, with an increase of 73.29%.

Coinpredictor

Coinpredictor forecasted that the price of VET will reach $0.000375, with an increase of +7.4% at the start of May, and in the next 7 days a spike of +5.4% which would place the coin at $0.000368.

Bitverzo

Bitverzo’s VeChain price prediction extends for all of the days in May, along with their average, minimum, and maximum values.

Cryptoground

Cryptoground calculated that on the 1^st of May, VeChain will have a price of $0.2168, with a decrease of -92.22%, and in one week, the site projected that VET will have a market price of $0.5105, with a drop of -81.68%. The expected closing price is supposed to be $0.2393, with a change of -91.41%.

Gov.capital

Gov.capital projected that VeChain will start May with a maximum expected price of $0.0056235 and a minimum price of $0.0041565. The site also posted daily predictions for the rest of the days in May.

WalletInvestor

WalletInvestor posted daily predictions for the next 10 days of May, also including the minimum and maximum values of the coin for each individual day.

VeChain Price Prediction: Verdict

With this, we conclude our VeChain price prediction. From what we can see on other cryptocurrency prediction sites, VET will largely have a positive price movement, but the charts are showing that there will be a correction soon. Whether it will be a short correction or a long bearish period, we have no way of knowing.

Featured image: cryptonomist.ch