The VeChain price is in an unstoppable bull run. The VET price surged to an all-time high of $0.1630 in early trading. This means that the digital currency has almost doubled this month. It has surged by more than 700% this year alone, bringing its total market cap to more than $10 billion. It is now the 18th largest coin in the world.
VeChain news: VeChain price is rallying because of the overall performance of digital currencies. A quick look at CoinMarketCap shows that most currencies have surged recently. In most cases, when the Bitcoin price rises, other currencies tend to follow closely.
The currency is also rising after the VeChain partnered with Salesforce, the biggest CRM company in the world. The new integration will see the company test ways to use the VeChainThor platform. The company has also partnered with PriceWaterHouseCoopers.
We should not rule out the fear of missing out (FOMO) in the market for being behind the VET price rally. Also, the Coinbase listing has helped boost the performance of the currency. So, what next for VeChain prices?
VeChain price forecast
On the four-hour chart, we see that the VeChain price has been on a sharp upward trend. In fact, we can say that it has defied gravity lately. This has seen it pull-up above the black bullish flag pattern that was forming lately. It has also moved above the 25-day and 15-day moving averages.
Therefore, in my view, this momentum may continue rising as bulls target the next key resistance level at $0.20, which is about 20% above the current level. However, as I warned on Monday, we should not rule out a major pullback on profit-taking.