The VeChain price has bounced back in the past few days, partly because of the overall cryptocurrencies rally. VET has jumped by more than 12% in the past 24 hours while the market capitalization has jumped to more than $13 billion. It is now the 15th biggest cryptocurrency in the world.
What happened: The VeChain price has gained this week as part of the rally of most altcoins. Indeed, currencies like Cardano, Dogecoin, and Ethereum have all cruised to their all-time highs.
VeChain has also rallied as the developers pitch the idea of enterprise non-fungible tokens (NFT). These will be similar to the consumer NFTs that are currently being sold but with a focus on entreprises. The developers believe that VeChain’s blockchain technology will be the default platform for the industry. So, what next for the VET price?
The four-hour chart shows that the VET price has faced a major resistance at $0.2245 in the past few weeks. This currency also seems to be forming an ascending triangle pattern that is shown in black. This triangle is nearing its convergence level. In technical analysis, such a triangle is usually a bullish factor. The price is also slightly above the 25-day moving average.
Therefore, in my view, I suspect that the price will soon break out higher as bulls attempt to move to the all-time high, which is about 32% above the current level. However, a drop below $0.18 will invalidate this prediction.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.
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