The VeChain price is approaching a key level of resistance as the recovery rally accelerates. The VET coin has risen to $0.1138, which is slightly below the resistance at $0.1172. Other altcoins like Terra, Aave, and Stellar have also jumped substantially.
Like all altcoins, the VET price has been in a remarkable rally recently. The coin has jumped by more than 25% in the past 7 days and is about 104% above the lowest level in July. This bounce has brought its market value to more than $7.2 billion, making it one of the most successful cryptocurrency projects.
At the same time, the volume of VeChain traded in the leading brokerages has alos jumped sharply in the past few days. Data shows that the overall volume of VET coins traded on Thursday were valued at more than $1.08 billion. This is notable since the volume has been constantly below the $1 billion mark in the past few months.
At the same time, as shown below, the number of people searching for the term VeChain in Google has been rising after falling substantially in the past few weeks. This trend signals that more people are getting interested in the coin recently. This could be a good sign considering that the number of searches was relatively lower during the recent sell-off.
The four-hour chart shows that the VET price has been in a strong bullish trend lately. It has risen to the highest level since June 12. The coin has managed to move above the key resistance at $0.09380. It has also moved above the 25-day and 50-day moving averages. The coin is also being supported by the rising trendline.
Therefore, the next key level to watch will be the psychological point $0.15, which is about 30% above the current level. On the flip side, a drop below the key support at $0.09380 will invalidate this view.