Long-Term Analysis For Better Investment Decisions

VeChain price (VETUSD) started 2023 with a bang and rallied 105% in the first two months of the year. However, the price action reversed as the BTC price started to show signs of weakness. Currently, VET crypto price is consolidating below a major support level which may result in a reversal. What is VeChain, and What Does it Try to Solve? What is VeChain? VeChain was founded in 2015 to provide blockchain solutions for enterprises as per their business needs. VeChain ToolChain is a trademarked SaaS platform for enterprises. The project has a physical presence in Singapore, China, Japan, the United States, France, and many other countries. It intends to revolutionize the supply chain by leveraging blockchain technology. VeChain is essentially a blockchain for the supply chain. It has been able to rake in strategic partnerships. Clients cut across companies such as Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, and the US government. As per the recent VeChain news, the network is growing at a very rapid pace. VeChain Network Activity Its blockchain has hit the milestone of 2 million wallet addresses. The network has also processed 20,000 contracts till now, which is quite extraordinary. There has also been a significant increase in daily number of transactions. This suggests that the Vechain (VET) protocol is gaining more traction. The network currently boasts 101 authorized nodes. VeChain Foundation has recently launched a new wallet known as VeWorld. The innovative wallet will be a self-custody wallet that will allow network users to add custom tokens conveniently. The announcement about the groundbreaking wallet VeWorld was made via an official tweet by VeChain Foundation. As we all know, the first step on any blockchain journey begins with a wallet and we’ve been toiling away to deliver one of the best in the industry. Today, we’re excited to announce ‘VeWorld’ is finally here! According to the DeFi TVL tracking site DeFi Llama, the Total Locked Value (TVL) has significantly decreased in the past twelve months. The TVL, which stood at $34.4 million in December 2021, has now dropped to only $1.22 million. This massive decrease in TVL is due to the ongoing bear market and the low VeChain price. VeChain TVL - Source DeFi Llama VeChain's Founders VeChain was created by a former Chief Information Officer (CIO) of the Chinese arm of Louis Vuitton, Sunny Lu. Lu runs the organization as CEO and co-founder from the company headquarters in Shanghai, China. VeChain also has a physical presence in Paris and Hong Kong. Lu had heard about Bitcoin in its early days, but he realized that the technology behind Bitcoin held more promise than the ups and downs of BTC price itself. Honed by his experience as LVMH Group China's CIO, he moved away from the conventional practice of forking BTC at the time and developed VeChain as a smart contract on Ethereum. Lu later led a team that built VeChain's native blockchain, designed explicitly for enterprise-level adoption. VeChainThor. Project Road Map The VeChain team shared their 2023-2024 roadmap in January 2023. The roadmap shows that the project has a lot in store for its long-term holders. The project aims to fuel the mass adoption of web2 companies that want to upgrade themselves in the realm of web3. VET crypto lies at the center of this roadmap as the native asset of the VeChain ecosystem. The roadmap includes a wallet and n NFT marketplace for the whole community. In the latter half of 2023, the team will also be developing product NFT for the metaverse and tokenization for sustainability. IT also discussed a plan to build an algorithmic stablecoin on the blockchain by Q1 2024. VeChain Latest News According to the most recent VeChain news, the project has kicked off a series of technology workshops. It has also introduced a new micro-grant scheme to support developers building on VeChain. If you're wondering how to buy VeChain, then the best exchanges to buy are Binance, Kucoin, and ByBit. VeChain Adoption How is VeChain adoption progressing? The mantra driving the Foundation's efforts at achieving increased adoption of VeChain is its "Everything is Connected" campaign. A popular strategy to increase VET crypto adoption is collaborating with big players in relevant industries. For instance, clients from the luxury fashion industry were the company's initial clients. Another strategy has been to tap into the NFT craze by moving into the NFT marketplace arena. To this end, a zero-fee NFT platform that focuses more on Art building within the blockchain can be done. World of V is the response. Presently, the Grayscale hedge fund says it is considering a list of tokens it will add to its largely successful crypto portfolio. VeChain is one of those on this list. These are all pointers that VeChain adoption is on the rise, and implementing the roadmap is bound to aid its utility and adoption worldwide. A Grayscale adoption could really send the VeChain price to stellar. The Foundation also plans to launch a stablecoin known as VeUSD. This stablecoin is expected to be VeChain's weapon that will help the foundation dive into the DeFi ecosystem. This move is expected to drive further adoption. VeChain Price Prediction 2023 VET crypto price chart reveals that the coin has been trading inside the $0.02-$0.034 trading range for the past twelve months. The bottom of this range has been acting as a region of strong support. At the moment, the price is trading below this level. However, a reclaim of range lows will make the VeChain price prediction 2023 very bullish. This could mean a retest of the $0.034 level, where lies the range highs. However, this level might be tough to break. The invalidation will be an acceptance below the range lows. VeChain Price Prediction for 2025 One of the premises of technical analysis is that history tends to repeat itself. If you see a pattern on the charts happening once, twice or even three times before, then it is likely that you will see the same historical outcomes whenever the same pattern is seen on the charts again. Against this backdrop, the VET/ETH chart typifies the possible price picture for the future, which may serve as the template for any bullish VeChain price prediction 2025 outlook. It is also significant to note here that it is very hard to predict the price action of any asset two years from now. This is not a regular analysis. The chart also shows the ranking of VeChain in the Coinmarketcap list of the most capitalized cryptocurrencies. The dip of September 2019 saw VeChain ranked number 37. At the peak of the bounce in December 2019, it was ranked as the 27th most capitalized cryptocurrency. VeChain Price Prediction 2030 It is difficult to make an accurate VeChain price prediction 2030. Whether VeChain will experience a price surge that will be sustained at that time or not depends on the Foundation's ability to stay ahead of the game. Competition from new projects with better PoA mechanisms or even better product offerings may slow down price growth. But what is clear is that with the steps the company has made to address enterprise-level issues such as carbon emissions, bullish VeChain price prediction 2030 targets may not be out of place. Summary Bullish VeChain price predictions will be seen when there is sufficient utility and adoption to drive demand. However, the unlimited supply of VeChain may pose a challenge to attempts at securing corresponding price increases. Perhaps, if the VeChain Foundation is able to work out a solution that restricts supply, then there may be a reason to believe that a substantial price increase over time will work. VET price has surged by 60% since the start of 2023 and the price is targeting the range high around $0.034. This makes minor corrections a good opportunity to add to your VeChain holdings. However, there is no guarantee that VeChain will surge immediately and start ticking upwards. It may take some time for prices to pick up. We may also see prices trading in a sideways range. The best approach is to trade what you see on the charts and let your investment goals guide you. VET/BTC: Weekly Chart The VeChain weekly chart is still bearish as the price has yet to reclaim the $0.034 level. If the VeChain price reclaims this level, then it can trigger another bull run. However, considering the global macroeconomic scenario and high-interest rates, it seems highly unlikely. VeChain Price Weekly Chart Follow Eno on Twitter.