The VeChain price prediction is still not looking quite bullish as it is yet to make higher highs. It has bounced off strong support once again but it is still far from making higher highs. VET price dipped to fresh lows of $0.039 on 24th February 2022 after the recent bloodbath in crypto markets. It is still 81% down from an all-time high of $0.28 which it hit in April 2021. Nevertheless, crypto markets have seen some recovery this week and VeChain price is also recovering.
VeChain Latest News
According to VeChain latest news, there is a total locked value of $17.45 million on its blockchain. As per DeFi Lama, the same figure was almost double just 2 months ago. In other VeChain news, the founder Sunny Lu has pledged $8 million for the support of Ukraine. Earlier this week, the Ukrainian government tweeted that the country was now accepting crypto donations. VeChain price is $0.052 at the time of writing.
In response to this tweet, Sunny Lu pledged $5 million which would be deposited to the country’s VeChain address. Dr. Gaviin Wood from Polkadot also announced a donation of $5 million in Dot. Before moving on to our VeChain price prediction, let’s have a look at the problem it is trying to solve.
The project started in 2015 with the aim of revolutionizing the supply chain by leveraging blockchain technology. Although initially, VeChain was an ERC-20 asset, it migrated to its own blockchain in 2018. The network now involves 2 assets in its economy i.e VET and VTHO. By employing the VeChain technology, enterprises can keep track of their products throughout the whole supply chain. This also helps in preventing counterfeiting or any tempering in the whole distribution process. Let’s move on to our VeChain price technical analysis.
VeChain Price Prediction
The native asset of the network VET is currently trading at $0.052 which is still 81% down from its ATH. For a bullish outlook, the VET price must not make a lower low than $0.039. The next task would be to break above the $0.07 level and flip it into support. If both happen then $0.13 could be a decent VeChain price prediction for 2022. This level also matches with 0.618 Fib level drawn from April highs to recent lows.