Due to rising global inflation and geopolitical issues, the growth of cryptocurrencies has drawn investors, who are mostly dissatisfied with traditional markets.
The VeChain (VET) cryptocurrency has seen a bull run throughout 2021 with numerous highs and lows, and it is now at a turning point. The fundamentals of this coin are not strong enough to support it, given how the epidemic and the Russia-Ukraine war are impacting global supply lines. VET price prediction, however, offer a picture of confidence.
Can VeChain Get to $10?
VET probably will reach less than $10, at least soon. Even the most optimistic predictions typically result in the token’s value remaining below $1 for at least the next eight years.
For instance, Capital.com projects a price of $0.11 for 2030. An investment made in November 2022 would offer a 400% increase.
Similar to the markets for stocks or bonds, the demand for VeChain tokens and other digital currencies is subject to changes in investor confidence. By 2022, there was a connection between cryptocurrencies and traditional markets. When investors were confident, a “risk-on” market increased the value of stocks and cryptocurrencies while prices fell during more pessimistic periods. According to our aave price prediction, By November 22, 2022, the value of Aave is expected to rise by 7.03% and reach $ 62.93,
Analysis of the VeChain pricing
The past year has seen the best performance for the VeChain cryptocurrency. Investors in virtual currencies have been bullish about the long-term price, explaining the current decline to market trepidation caused by the epidemic and the hostilities in Russia and Ukraine. And meanwhile, the foundational elements, its projects, and strong collaborations have helped VET.
To optimize its product management process between suppliers, shops, and customers through a tracking plan in 2019, Walmart China teamed with VeChain.
Vechain THOR’s Impact on VET Price
Many people think that the value of the THOR it generates will eventually determine the value of the VET token. So, what does THOR mean? We are aware of what the required minimum production rate will be. 00042 THOR per VET each day, but what is the value of one THOR?
Currently, we are uncertain. Due to minimal volume, there has not been any THOR price movement in the first two months. Many want to hold onto their THOR till demand drives up the price.
Furthermore, the LBANK exchange is the only place where it can be traded. When the OceanEX trading platform launches at the end of October, everything will alter in the following months. More transactions waiting equals increased pressure on VET prices.
More VTHO will be burned as more transactions, and smart contracts are on the network. These transactions call for the consumption and burning of VTHO.
Businesses will need to purchase additional VTHO from the market as more VTHO is burned to carry out blockchain writing.
VTHO would be worth more as a result. If a company decide against going in this direction, it can purchase VET and create its THOR, which should result in a rise in the value of the native coin (VET) and raise the value of holders.
While all this is happening, Vechain is presently in discussions with the Chinese government to establish a new carbon ecosystem, this time one with several members (big firms) that could. Play a part. This would be more significant than BYD’s application for carbon credits for electric vehicles. Vechain might end up serving as the leading blockchain for an ecosystem of the “tracked” economy under Chinese ambitions. According to our Aave price prediction for 2023, the coin will cost more than $76.023 by December.
Will the price of VeChain increase?
The VET price has been in a significant downtrend for the last few months, as seen on the daily chart. The coin has thus been able to move below the critical support level of $0.0556, which was the lowest point in July last year. The 25-day and 50-day moving averages for VeChain have also dropped slightly below them, and the RSI has reached its most distressing point ever.
As a result, the negative trend in the VeChain price will remain in the short term. A positive rebound is possible as long as investors continue to purchase the dips.