The VeChain Price has been on a strong upward rally in the past few days as user adaption continues to grow. The VET price has risen to $0.057, which is 63% above last week’s low of $0.034. Its market cap has risen to more than $$3.64 billion, making it the 22nd largest crypto project in the world.
VeChain has been in a strong rally in the past few year. Its price has risen by almost 4,000% from its lowest level in 2020. This year alone, the VET price has jumped by 200% making it one of the best performers.
The four-hour chart shown below shows that the price rose to an all-time high of $0.060 in February this year. It then erased some of those gains and formed a double bottom at $0.035. The price has been bouncing back since then.
Today, the VeChain price is a few points below the all-time high of $0.060. It is also slightly below the upper side of the ascending channel that is shown in purple. The price is also being supported by the 25-period and 15-period exponential moving averages (EMA).
Therefore, the trend remains bullish as bulls attempt to move above the all-time high. They are also targeting the upper side of the channel at $0.065. However, a decline below $0.55 will invalidate this trend.
