The VeChain price held steady as the rest of the cryptocurrency industry rebounded. The VET coin jumped by more than 4% to $0.1340, which was about20% above the lowest level in July. The coin has a market value of more than $8.6 billion and is the 23rd biggest coin in the world.
VET price rebounds
VeChain is a growing blockchain project that is relatively popular in China and other Asian countries. The project aims to help companies build decentralized applications (DApps) including enterprise non-fungible tokens (NFT).
Its goal is to help these players build applications that help to solve key challenges like counterfeiting and know-your-customer (KYC). Its products are also used widely in the healthcare, retail, logistics, and automobile sectors. Some of the top companies that use its products are Walmart and BMW.
Another unique thing for VeChain is that its products have been aligned with the massive Bridge and Belt initiative by the Chinese government. Its senior leaders are even members of the Belt and Road Blockchain Consortium.
The VeChain price declined sharply starting from May as the rest of the cryptocurrency industry struggled. It then found a strong support at $0.0560. The coin has recently rebounded and is trading at 140% above the lowest level in July. This rally is mostly because of the rising volume and the fact that other cryptocurrencies like Bitcoin and Ethereum have also rebounded.
VeChain price prediction
The four-hour chart shows that the VeChain price has been in a bullish momentum recently. The current price is about 10% above the lowest level last week. It is still above the 25-day and 50-day moving averages while oscillators like the Relative Strength Index (RSI) and stochastics have kept rising.
Therefore, the VET price will likely keep rising as bulls target the next key resistance at $0.15, which is about 12% above the current level. To achieve that, the price will need to move above last week’s high of $0.1438.
The VeChain price bullish view will be invalidated if the price manages to drop below the key support at 0.1125, which was the lowest level last week.