VeChain’s price has rallied in the past few days, partly due to the general rebound in the cryptocurrency. In the past 24 hours, VET has increased more than 16% and its market value has surged to over $15.8 billion. It is now the 14th largest cryptocurrency in the world.

VeChain Price Increased with other Altcoins

VeChain prices went up this week, which is part of the increase in most altcoins. In fact, currencies like Cardano, Dogecoin, and Ethereum have soared to record highs.

When the developers came up with the idea of the company​’s non-fungible token (NFT), VeChain also rose. These will be similar to the consumer NFTs currently sold, but for businesses. The developers believe that VeChain’s blockchain technology will become the standard platform for the industry. What will be the next step for the VET Price?

VeChain Price Techincal Analysis

The four-hour chart shows that VET prices have seen huge resistance over the past few weeks at $0.2245 but today it broke the resistance to $0.2425 on the Binance exchange. This triangle is near its level of convergence. In technical analysis, after a triangle has been broken there is usually a bullish run. The price is above the 25-day moving average.

VET/USD Chart. TradingView

So I think prices will soon break the highs as the bulls attempt to hit historic highs (around 14% above current levels).

Please do not consider this as investment advice. The views expressed here are the views of the writer, and the writer of Fxcryptonews will not be held liable for any losses.