- Summary:
- In this VeChain price prediction, we explain why the Vet price rallied to an all-time high and why more caution is warranted in the near term.
The VeChain price rallied during the weekend as interest in digital coins accelerated. The VET price soared to an all-time high of $0.1470, bringing its total market cap to more than $8.90 billion. It is now the 18th-biggest cryptocurrency in the world and has rallied by more than 600% this year.
What happened: The VeChain price rallied during the weekend mostly because of the strong performance of other cryptocurrencies. Furthermore, Bitcoin managed to rise and stay above $60,000, where it has struggled to move above before. Ethereum also approached $2,200 while Binance Coin rose by more than 30%m bringing its market value to more than $88 billion.
The VeChain price also rallied because of news by Salesforce. The technology giant that is well-known for its customer relationship management (CRM) solutions. The firm said that it would start testing the VeChain network. It is testing whether the network will help it test data seamlessly across its multiple platforms. Already, VeChain Thor is used by some large companies, especially in China.
VeChain price prediction
In my last article on VeChain price prediction, I pointed to an inverted cup and handle pattern that was forming. In technical analysis, this is usually a bullish signal. As such, I predicted that the Vet price would keep rising.
On the daily chart, we see that the price is in rallying in an almost straight line. It has moved slightly above the 25-day and 15-day exponential moving averages (EMA) while the Relative Strength Index (RSI) has moved to the overbought level. In fact, on Sunday, it reached its most overbought level since February.
Therefore, in my view, 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.
VET price chart
