VeChain (VET) tripled its price in 2021 as it inches closer to the $0.1 milestone. What’s next for VeChain in March, and should you consider buying some VET now?
Fundamental analysis: strong use cases push the price of VET upVeChain (VET) is a blockchain-based platform that uses IoT and distributed governance to solve problems in the supply chain management ecosystem. The platform uses two tokens, VET and VTHO, to manage its VeChainThor blockchain.
The project already has many partnerships all across the globe, including car manufacturers BMW and Groupe Renault, or the likes of DNV, PWC, and BIOS. VeChain is one of the rare blockchains that has seen a fair amount of use, which made the VET bulls even more bullish. On top of that, solid market conditions and increasing demand for altcoins brought VET closer to the $0.1 milestone.
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VET posted week-over-week losses of 31.88%, outperforming both BTC‘s week-over-week gain of 25.31% and ETH‘s 19.73% gain. Chiliz is currently the 20th-largest cryptocurrency by market cap, boasting a value of $4.44 billion.
At the time of writing, VET is trading for $0.0685, which represents a price increase of 28.94% when compared to the previous month’s value.
VET/USD technical analysis: VET bears hiding, bulls not strong enough yetVeChain’s VET token has been trending up ever since 1 March. The cryptocurrency currently shows no signs of stopping its upswing. The fact that VET managed to stay above the 23.6% Fib retracement level after pulling back from its recent high is an incredibly bullish signal.
The cryptocurrency looks like it will almost certainly push higher and (ultimately) attempt to break the $0.1 level. Granted, the crypto sector would have to remain bullish for this to happen, as VET is almost always following the market direction, both to the upside and downside.
VET/USD daily chart There are currently no signs of fading volume or descending price action on the daily chart. On top of that, VET’s RSI is very close to being in the overbought territory as it currently sits at 68.68.
VET/USD 1-hour chart Taking a look at the hourly time-frame, we can see that VET has remained strong above the $0.0655 level. It is currently trending up and following the 21-hour EMA. However, it will need a bit of a volume boost before it attempts to break its recent highs.
What’s next for Vechain?Investing in VeChain should be an investment based on fundamentals rather than technicals, because VET is mostly moving on strong fundamentals rather than technical formations.
With that being said, VeChain supporters claim that it is still early in the investment period and that an investment into VET can be extremely lucrative. If we factor in all the billion-dollar companies that built their projects on VeChain’s blockchain, this may be true. Analysts also agree that VET will certainly reach the $0.1 mark, and very soon. However, VET will need quite a strong bull push in order for that to happen in March.
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