The VeChain price has risen in the past three straight days as the demand for the coin has risen. VET is trading at $0.1330, which is about 62% above the lowest level in September. The price is about 15% below the highest level in September and 52% below its all-time high. VeChain has a market capitalization of more than $8.5 billion.
VeChain is a blockchain project that is mostly focused on enterprise customers. The network allows developers to build applications that help to smoothen supply chains and address other challenges like counterfeits.
At its peak, VeChain was one of the most popular cryptocurrencies in the world. Recently, however, its price has lagged the performance of other cryptocurrencies like Bitcoin and Solana.
This week, the coin has jumped substantially. It has risen in the past three straight days as investors cheer the overall adoption of cryptocurrencies by institutional investors. This happened after ProShares launched its Bitcoin futures ETF.
At the same time, a look in social media shows that VeChain mentions. The same is true in search engines like Google. So, what next for the VET price?
In my last VeChain price prediction, I noted that it had formed an inverted head and shoulders pattern. I, therefore, predicted that the price could continue rising. This view was relatively accurate now that its price has risen in the past few days.
However, the bullish breakout I noted has not happened yet. Indeed, the price remains slightly below the neckline of this pattern. On a positive side, it is being supported by the 25-day and 50-day moving averages.
Therefore, I suspect that the coin will likely keep rising in the near term. A complete bullish breakout will only be confirmed if the price moves above the key resistance at $0.1560.
This post was last modified on Oct 22, 2021, 09:25 BST 09:25