The VeChain price rally is accelerating, becoming the best-performing cryptocurrency today. The VET price surged to an all-time high of $0.0754 today, bringing its total value to more than $4.6 billion. It is now the 18th biggest cryptocurrency in the world.
What happened: VeChain price has been in a strong upward trend. It has rallied by more than 280% this year and by almost 30% in the past seven days. This performance is mostly because many companies are adopting the VeChainThor platform to build apps that connects the blockchain technology to the real world. Some of the companies using the network are LVMH, Walmart China, and BYD.
The VET price has also rallied because of social media hype. In the past few months, many social media users, especially those in Reddit have continued to hype VeChain, leading many users to buy the currency because of fear of missing out (FOMO). This demand could keep rising as the US Treasury Department continues to distribute the stimulus package.
VeChain Price Forecast
In my last VeChain price prediction, I wrote that the rally had more room to grow. Now, looking at the four-hour chart, we see that the price has formed an ascending channel that is shown in black. The current price is slightly below the upper side of this channel. Also, the price is slightly above the 25-day moving averages and the previous top at $0.0600.
Therefore, in my view, the price will keep rising as bulls target the next key resistance at $0.80, which is the upper side of the channel. However, a drop below $0.0645 will invalidate this trend.
VET price chart