The VeChain price has joined the rest of the cryptocurrency universe by staging a major rally after it dropped sharply last week. VET is trading at $0.13, which is more than 110% above the lowest level last week. It has a market value of more than $8.1 billion.
VeChain news: VeChain is a fast-growing blockchain network that is used in developing decentralized applications. It is mostly used by companies to build quality decentralized apps in the machine learning and artificial intelligence sectors. Like most altcoins, VeChain ‘s price surged in the past few months as demand from investors rose.
The rally was mostly because of the fear of missing out (FOMO) and low-interest rates. In the past few weeks, however, VeChain has struggled as fears of regulations in China and high interest rates have risen. At its lowest level last week, VeChain was down by more than 75% from its all-time high. That has changed this week as investors have rushed back to cryptocurrencies. Therefore, in the near term, the price of VET will be determined by the overall price action of Bitcoin.
VeChain price prediction
On the four-hour chart, we see that the VET price has staged a major recovery in the past few sessions. The currency has managed to move above the 23.6% Fibonacci retracement. It has also moved above the neckline of the head and shoulders pattern that formed in the past sessions. The 25-day and 15-day exponential moving averages (EMAs) have also made a bullish crossover.
Therefore, the currency will likely keep rising as bulls target the 50% retracement level at $0.1722, which is about 25% above the current level. On the flip side, a drop below the support at $0.1160 will invalidate this prediction.