The VeChain price has rebounded after crashing by more than 40% during the weekend. VET is trading at $0.2518, which is a few points below the all-time high of $0.2778. Its market cap has jumped to more than $16.3 billion and its ranking improved to 13.
VeChain news: VeChain has been a winner this year. The digital currency has surged by more than 1,300% this year, making it one of the best performers. It has risen by more than 220% in the past 30 days. This performance is because of three key reasons.
First, more companies have continued to use the VeChain Thor blockchain. We noted recently that Salesforce has become the newest company to embrace the technology. Second, the overall performance of cryptocurrencies has helped boost its price. And finally, the fear of missing out (FOMO) has also helped boost sentiment. So, what next for VET prices?
The four-hour chart shows that the VeChain price has been in a strong upward trend. Last week, as Coinbase became a publicly traded company, the VET price jumped to an all-time high of $0.2778. It then retreated during the weekend as investors rushed to take profits. Today, VeChain is approaching its all-time high and is being supported by the 25-day and 15-day moving averages.
Therefore, in my view, I suspect that the currency will keep soaring as bulls target the important resistance at $0.3385, which is 22% above the current price. This price is notable since it is the 23.6% Fibonacci extension level. It will only happen if bulls manage to move above the all-time high. However, a drop below the weekend’s low of $0.1718 will invalidate this trend.
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