The VeChain price relentless rally has continued today as demand for the altcoin keeps rising. The VET price is trading at $0.0977, which is a few points below its all-time high of $0.098. This brings its total market value to more than $6.31 billion.
What happened: VeChain, is a fast-growing blockchain project that focuses on enterprise use of artificial intelligence, machine learning, 5G, and other sectors.
The project uses the VeChainThor Blockchain, which includes concepts like a proof-of-authority consensus, meta transaction features, and protocols for fee delegation. While it is still in its early stages, it has been used by several companies like Walmart and BMW.
This adoption, together with the fear of missing out (FOMO) has pushed the VeChain price to an all-time high and made it one of the best performers this year.
On the four-hour chart, we see that the VET price has been in a strong uptrend recently. It has formed an ascending channel that is shown in black and is still above the short and long-term moving averages. Today, the price tested and briefly moved above the upper side of the ascending channel.
So, what next for the VeChain price? In my view, while the outlook looks bullish, a short-term pullback cannot be ruled-out as bullish investors take profits. If this happens, the potential level to watch is $0.085, which is the lower side of the ascending channel. Before this, the VET price will likely test the $0.10 resistance level.