VeChain Price Prediction: How High Can VET Go?

Summary:

In this article, we look at the VeChain price prediction and attempt to see what will happen in the near term as the price approaches $0.04

VeChain price is sitting close to its all-time high as its demand continues to surprise investors. The VET price is trading at $0.033, which is a few points below the ATH of $0.034 that it reached yesterday.

The background: VeChain is a relatively new blockchain project that was started in 2015. The goal is to use the VeChainThor blockchain protocol to build projects that solve real problem in the supply chain sector. In the past few years, several applications have been built using this blockchain. Some of the most popular ones are the VeVote, VeChain Tokens, and OceanEx Exchange.

Vechain Price Performance: VeChain price has done well in the past few months. This year alone, it has risen by more than 80%, pushing its total market cap to more than $2.2 billion. This makes it the 19th-biggest digital currency in the world. In the past 12 months, the currency has jumped by more than 480%, making it among the top performers.

VeChain Price Prediction

Turning to the daily chart, we see that the VeChain price formed a cup and handle pattern between August and December last year. Since then, the currency has been on an upward trend and is currently supported by the 25-day and 50-weighted moving averages.

Also, we see that the VET price managed to move above the important resistance level of $0.03226. Therefore, the price will continue rising as bulls target the next resistance at $0.04. However, be on the lookout for the $0.0125, which is the invalidation point for this trend.