The altseason has indeed come this 2021, evidenced by the new all-time highs (ATHs) of major cryptocurrencies like Ethereum and Binance Coin. Other altcoins have already seen significant surge lately despite market selloff in April. Meanwhile, Bitcoin dominance has fallen below 50%, signifying that traders and investors are pouring their money on altcoins.
One of the recent altcoin sensations is VeChain (VET). In terms of market profitability, it has recently performed very well in the last months and rarely dumped. But for traders who believe VET has strong market fundamentals but is already very expensive, they may be starting to consider the VeThor (VTHO) token.
In this VeThor price analysis and price prediction 2021, we take a look at VTHO and its performance. Will VTHO reach $1 this 2021? We’ll find out shortly. But first, let us know what is VeChain and what is VeChainThor.
VeChain is a blockchain-based ecosystem that aims to improve the global supply chain industry. It offers blockchain-as-a-service (BaaS) to help companies eradicate counterfeit items and fraudulent activities. Given that blockchain technology’s properties can improve supply chains, VeChain has developed various industry-oriented solutions.
Launched in 2015, VeChain was created by Sunny Lu, who once worked as Chief Information Officer (CIO) of Louis Vuitton China. He is currently at the helm of VeChain Foundation as the CEO.
Now that we know what is VeChain, let us proceed to know what is VeChainThor.
VeChainThor is the official blockchain network of VeChain. In essence, VeChain is the organization, while VeChainThor is the technology. It is an open-source and public blockchain, which means that anyone can obtain access to the network, wherever they might be.
Within the VeChainThor blockchain, two native cryptos exist, namely VET and VTHO. As you might have guessed already, VET is the first token created for VeChain. On the other hand, VTHO is the newer token. Nevertheless, VTHO functions as the network’s gas; all transactions within the VeChainThor blockchain are fueled by VTHO.
Now that we know what VeChainThor is, let us now go to our VeThor price prediction 2021.
VTHO’s May price began at $0.01816 according to CoinMarketCap, which is a far cry from its 2021 ATH of $0.028. Will there be a significant movement soon? Will VTHO become a good cryptocurrency to invest in 2021? Let’s find out in our VeThor price prediction 2021 charts.
According to our four-hour chart above, VTHO has seen a roller-coaster ride, for better or for worse. We saw the token trade below the ascending support level that we have identified, although it has recovered its position quickly.
After seeing an ATH in 2021, VTHO immediately formed a Descending Triangle pattern, which is a bearish pattern.
For those who are already knowledgeable about this triangle signal, you would understand why the price went below the support level. For the others, this pattern happens when the candlesticks’ upper tails become shorter and shorter until they converge with the lower tails.
On the other hand, we also observe in our Bollinger Bands (BB) that VTHO is already starting to consolidate in price. This means that the VTHO price may not move much in the next couple of days or weeks.
This is also confirmed by the Relative Strength Index (RSI). At the time of writing, the RSI is at 48.90.
As we can see on the above chart, the RSI is in a neutral position, indicating that VTHO is neither overbought nor oversold. If the crypto community doesn’t find enough fundamentals to bring VET or VTHO to the spotlight soon, we might not see the latter make a drastic move in the next few days.
Does this mean that VTHO is not a good crypto to invest in 2021? Let’s step back and look at the crypto from a macro perspective.
While our shorter term technical analysis indicates that VTHO may fall into a consolidation period, the long term perspective shows other possibilities. Let’s dive deeper in this VTHO price prediction 2021.
We barely saw VTHO make movements from the end of 2020 until the first month of 2021. Interestingly, this was the time when major cryptocurrencies like Bitcoin, Ethereum, and Binance Coin were making massive price rallies. This was also the time when crypto became the new media sensation.
Read CRYPTONEWSLAND onHowever, VTHO started to gain traction amid traders and investors. Indeed, we may be in an altseason. Let’s see how that factor is affecting VTHO price.
From our 1-day chart, we can see at least two rising support levels. The first one is evident, and it began from the moment VTHO made significant price changes. At the moment, we are certain that the first level will be breached.
Meanwhile, our second rising support level was broken once after VTHO saw a massive selloff from its 2021 ATH. Fortunately, VTHO recovered from the fall, and is now trading back again above the secondary support.
However, bulls should not be letting down their guard, as the market appears to be favoring the bears. While the first support level is very difficult to breach, the second level is in a precarious state. VTHO must gather more support if the bulls hope to subdue the bears for a longer time.
Should the uptrend continue, VTHO should at least be able to reach the $0.023 support in June. If it does, we may see the bulls flying at the $0.030 level soon enough. Later this year, we may also see VTHO reach $0.1 if the altseason continues.
Conversely, if the bears begin to wake up from their winter hibernation, VTHO may see its secondary support flipped into a formidable resistance level. We will have to watch out for the consolidation period.
Conclusion
Currently, VTHO may fall into a consolidation period. If it turns out well afterward, VTHO may reach $0.1 by the end of 2021 and may even go up to $0.7 in 2022. This is our VeThor token price prediction forecast for 2021 and 2022. Meanwhile, our conservative VTHO price prediction 2021 and 2022 may reach $0.01 and $0.05, respectively.
Tradingbeasts dubs itself as a reputable crypto price prediction platform. According to Tradingbeasts, VTHO may reach a maximum price of $0.0289 by December 2021. Meanwhile, its VTHO price prediction 2022 is $0.0338 by December 2022.
Digitalcoin considers itself as a trusted name in the crypto space regarding crypto price forecasts. According to Digitalcoin, VTHO may reach $0.02825 by the end of 2021. On the other hand, its VTHO price prediction 2022 is $0.0318.
PrimeXBT is also a platform that declared its VTHO price prediction 2021. For its short term VTHO price forecast 2021, it predicts $0.04 per token, although its potential high prediction is $0.20. Also, its 2022 VTHO price prediction is from $0.27 to $0.41.
VTHO is the digital token that functions as the gas for every transaction that happens on the VeChainThor blockchain ecosystem.
Many traders are bullish on VeChain, believing that it has very strong fundamentals and growth potential. However, cryptocurrencies are volatile in nature.
As per our VeThor token price forecast, VTHO is a good investment for 2021, 2022, up to 2025 and beyond. Nevertheless, traders need to do their own research before investing in cryptocurrencies.
Disclaimer: The technical analysis expressed in this article does not necessarily reflect the views of CryptoNewsLand (CNL). Readers of this article should not take this as financial advice. CNL strongly recommends that all users do their own in-depth research before investing in cryptocurrency.
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