Trader Tom Busby Outlines Vechain (VET) Potential Price In This Bull Cycle
High-profile trader Tom Busby from CryptoBusy shares with his subscribers the bullish news of Vechain (VET) and makes price predictions for this bull cycle.
VeChain (VET) is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management.
According to the crypto KOL, Vechain has recently hit another milestone by launching a new blockchain initiative designed to help businesses openly track and report their carbon emissions data.
“The Digital Carbon Footprint SaaS Service allows enterprise users to log key data and integrate it with world-leading third party assurance providers within VeChain’s partnership network. This data can then be later transformed into new kinds of value and improve sustainability performance across the entirety of an organization.”
At the time of the video, VET was trading at $0.12 with a market cap of $8 billion and ranked at 23 on Coinmarketcap.
As the analyst says, VET is currently at a resistance area at $0.14. Should VET can break above this area, Busby expects to see VET pass the ATH at $0.27 and enter into the price discovery phase. Yet, the analyst also points out that this much depends on Bitcoin performance.
“I think it is very easy and very likely that Vechain can go back to its all-time high. That’s the first thing. The next things are the next resistance levels. We’re now going to the sort of the land of speculation. But if we see a blow-off top for Bitcoin, we could be seeing Vechain go to 50 cents and I think my overall target for Vechain this whole bull cycle is 1 dollar because of its project purposes and the technology implemented.”