The Vechain price has jumped more than 106% for the past three weeks. It was trading higher on Friday at $0.11320. Its total market capitalization currently stands at $7.35 billion. It ranks as the 21st largest digital asset, sandwiched between Ethereum Classic and Terra.
Just like other altcoins, Vechain has shown a remarkably strong recovery in its price. The coin has jumped nearly 30% in the past week. It is also trading more than 490% above its lowest level this year in January.
The overall performance in most digital currencies has boosted the VET price. Just like other coins, Bitcoin’s price has been on an up-run for the past few days. Bitcoin has a close correlation to other cryptocurrencies. As such, if Bitcoin’s price rallies higher, other coins follow suit.
However, the volume of Vechain traded slipped more than 28% on Friday. According to data by Coinmarketcap, the overall volume of VET tokens traded on Friday was valued at more than $800 million. The total VET coin volume traded on Thursday had jumped to more than $1.08 billion. This was notable since it has been trading below the $1 billion level for the past few months.
Analysts have linked the VeChain price rally to the resurgence of interest in the coin. Investors are optimistic about its price outlook in August.
The Vechain price has been on a strong bullish trajectory for the past few days. However, it is trading 60% below its highest level this year. It hit an intraday of $0.11700 before pulling back.
On the daily chart, it is trading above the 50 and 100-day moving averages, hinting at a bullish outcome. Its Relative Strength Index (RSI) is strong. However, at 72.80, its RSI is two points into the overbought region signaling an imminent sell-off period ahead.
However, the VET price is set for a bullish outcome. Therefore, the next target will be the psychological level at $0.15. A slip below the support at $0.95, will invalidate this view.