After consolidating for two weeks, the Vechain price gained momentum and seems ready for a breakout. At the time of writing, the coin jumped more than 4.20% to $0.1431. VET has a total market capitalization of $9.2 billion. The total volume of the coin traded in the last 24 hours rose 26.58% to $1.2 billion. This indicates that more buyers are joining the trade.
Vechain is the 20th most valued digital asset in the world. It is slightly above Ethereum Classic and slightly below Polygon. The Vechain platform uses the two-token system aiming at keeping the value of the VET token and keep transactions stable.
The Vechain price has jumped more than 20% since September 2021 and nearly 74% since August. The VET token has increased 610% since the year started. However, it remains 48% below its highest level in April.
The overall cryptocurrency market has seen mixed results over the past month. The global crypto market capitalization has advanced 4.67% in the last 24 hours to $2.24 trillion. The Ethereum price has jumped almost 21% in the past week, clearing the key level at $3,400.
The Bitcoin price hit an intraday high of $50,450 before pulling back. The crypto leader has a close correlation to most coins hence a change in its price affects the overall crypto market.
Investors seem optimistic over the VET chain price in September. The coin is expected to rally in the new month.
Vechain Price Analysis
The daily chart shows that the Vechain price has been range-bound for the past two weeks. However, the coin seems to be on the verge of a new rally.
It is moving above the 50-day and 200-day moving averages. It is also moving above the 50-day exponential moving averages.
Therefore, I expect the Vechain price to continue rallying as the bulls target the resistance level at $0.1533. On the flip side, this view will be invalidated if the VET price moves below the 200 DMA.