The VeChain price is in a tight range close to its all-time high (ATH). The VET price is trading at $0.0888, which is slightly below its ATH of $0.0992. It is also 17% above its Thursday’s low of $0.0762.
What is VeChain: Established in 2015, VeChain has grown to become one of the biggest blockchain projects in the world. It has a market capitalization of more than $5.77 billion, making it the 20th-biggest projects in the world. VeChain runs VeChainThor, a blockchain project that helps companies in their supply chain management.
It is used widely in China, where it was founded. More than 700 companies like Walmart and BMW use it. VET, the VeChain Token, is the token that underpins the network.
The four-hour chart shows that the VET price soared to an all-time high of $0.0992 in March. It then erased some of those gains and dropped by 23% to $0.0762. On the four-hour chart, the price has pared some of these losses and is trading at $0.0892. The upside is also being supported by the short and medium-term moving averages (MAs). It has also formed an inverted head and shoulders pattern, which is usually a bullish sign.
Therefore, there is a possibility that the VeChain price will keep soaring. This trend will be confirmed if it manages to move above the ATH of $0.0992. If this happens, we should not rule out moves above $0.10.
