VeChain Price Prediction: Is VET a Good Investment Today?
The VeChain price has done relatively well in the past few days and is currently hovering at an important resistance level. VET is trading at $0.1468, which is slightly below the September high of $0.1570. This brings its total market capitalization to more than $9.50 billion.
What next for VET?
VeChain was one of the most popular cryptocurrencies earlier this year as the prices of digital currencies surged. Its popularity helped move it from obscurity to become one of the biggest platforms in the world. It also pushed its price to an all-time high of $0.2795 in May.
However, recently, VeChain has been overtaken by other fast-growing blockchain projects like Avalanche, Solana, and Terra.
It is unclear why VeChain is no longer popular among traders. But some analysts believe that its Chinese roots may have played a role. This is because, in the past few months, the Chinese Communist party has intensified its crackdown against cryptocurrencies. It has even banned mining and asked all companies to stop dealing with cryptocurrencies.
Therefore, there is a likelihood that the exclusion of Chinese buyers has had a negative impact on the VET prices.
VeChain price prediction
The four-hour chart shows that the VeChain price has been in a relatively steady bullish trend in the past few weeks. The coin has risen by about 81% from its lowest level in September. It is now approaching its key resistance level, which was also the highest level in September. At the same time, the coin has moved above the 25-day and 50-day moving averages.
Therefore, in my view, the outlook of the VET price is a bit neutral at the current level. A bullish breakout will be confirmed if the price manages to move above the resistance at $0.1570.