VeChain Price Prediction: Does VET Have More Room to Run?

Summary:

In this VeChain price prediction, we explain why the VET price seems to have more room to run in the near term after it hit its all-time high

The VeChain price upward momentum has continued as demand for the popular altcoin has continued rising. The VET price is trading at $0.1055, which is a few points below its all-time high of $0.1067. Its market cap has also rallied to more than $6.6 billion. It is now the 23rd biggest digital currency in the world.

What happened: VeChain, the blockchain project that enables companies to build decentralized applications, has become relatively popular in the past few weeks. Indeed, as shown below, the volume of search results for the keyword has been rising. Most of these results are from countries like the Netherlands, Belgium, and Slovenia. Another popular keyword has been on the VeChain 2021 price prediction.

This interest has coincided with the sharp rally of the currency’s price. Indeed, the VET price has rallied by more than 300% since February this year. This makes it one of the best-performing cryptocurrencies in the world. Further, more companies, especially those in China, have continued to test the network.

VeChain price prediction

The four-hour chart shows that the VET price is trading near its all-time high. In the past few days, the digital currency has moved above $0.096, where it had found substantial resistance before. The price is also attempting to re-enter the ascending channel that is shown in black and is slightly above the 25-day and 15-day exponential moving averages.

Notably, in the past few hours, the price has formed a consolidation pattern. In my view, the VeChain price will likely continue rallying as bulls target the next key resistance at $0.12. However, a drop below the support at $0.0969 will invalidate this trend.