With today’s Coinbase Global (NASDAQ:COIN) initial public offering lifting all boats in the cryptocurrency ocean, altcoin VeChain (CCC:VET-USD) seems to be just a bit more buoyant than the others. That may have to do with collaborations the blockchain platform is inking with partners big and small. VET has appreciated more than 26% in the past 24 hours, nearing an all-time high of $0.17. What does this mean for VeChain (VET) price predictions?
Biggest of those names is Salesforce (NYSE:CRM), which announced a collaboration with VeChain for widespread adoption of the platform. Media reports indicated the software giant was drawn to VET’s blockchain-powered supply chain platform, which utilizes the internet of things (IOT) and distributed governance technology to streamline supply chain management systems.
Salesforce made a strategic decision to offer seamless and open data sharing across multiple platforms, Invezz reported on April 10. “This seemed to have triggered the recent price upswing in the token.”
Founded in 2015, China-based VeChain was one of the earliest blockchain technology companies, with operations in Palo Alto, Shanghai, Hong Kong, Paris, Luxembourg, Singapore and Tokyo. InvestorPlace highlighted the alt-coin in February’s “Top 28 Cryptocurrencies to Know in 2021.”
And while cryptos are catching fire with the COIN IPO, trading VET on that platform is still not possible. The altcoin’s followers are not holding back in their campaign to push Coinbase to adopt VET.
What VeChain (VET) Price Predictions Show
Pundits and analysts are weighing in with VET price predictions in light of the news.
“It is time for speculators to prepare for some type of consolidation. The 361.8% extension of the 2018-2020 bear market is just above the current price at $0.166, coupled with the extreme overbought conditions on the daily and weekly charts,” wrote FXStreet’s Sheldon McIntyre earlier this week. Still, “a correction should be short and knock VET down to the 23.6% retracement of the cup-with-handle rally at $0.120,” he noted.
Meanwhile, altcoinbuzz.io yesterday observed that as VET is currently trading above the support zone at $0.1261, its first resistance will be at $0.1358. “If it can break this resistance and close above, we could start seeing a move towards $0.1417, $0.1513, $0.1581 and $0.1668. 0.1668 is an important resistance level and we might see a small rejection there. If VET can flip this resistance to support, then we could start seeing a bigger rally towards $0.1918, $0.2324, $0.2728 and $0.2980.”
Over on InvestingCube, they’ve taken a look at the daily chart on VET and believe that the price is rallying in an almost straight line, moving slightly above the 25-day and 15-day exponential moving averages (EMA) while the Relative Strength Index (RSI) touched the overbought level. “The VET price still has the momentum to keep rising. This will see it likely rise to $01.5. However, we should not rule out a short-term pullback or consolidation as profit-taking intensifies,” contributor Crispus Nyaga wrote on Monday.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including stints with Bloomberg News and as a sell-side equities research editor.