The Vechain price performance since the year started has been impressive. This week, its value rose by 8 percent, continuing a bullish trend that has seen it surge by over 50 percent since the year started.
Why is VeChain Price on the Rise?
The current price surge in the markets has partly been as a result of the recent resurgence of the cryptocurrency markets. The industry-wide bullish trend has also meant that altcoins such as VeChain reversing their long-term downward trend and adopting the general trend of the cryptocurrency market.
The significant correlation across the industry has also seen investors who had left during last year’s long-term bearish trend returning. This can be seen in VeChain’s daily average trading volume, which has also been on the rise for the past month. For instance, in the past 24 hours, Vechain’s trading volume has surged b more than 30 percent.
The current gain has also resulted from the good press VeChain has been generating in the past few weeks. This week, the platform announced that it would be partnering with the United Nations to improve sustainability.
The news of the partnership saw the crypto jump by over 8 percent. Their continued commitment to sustainability has also played a significant role in the United Nations’ acceptance of their partnerships. It is also a major reason why some of its investors have championed for the project since its inception.
VeChain Price Forecast
As seen from the above analysis, a number of factors have played a significant role in the current VeChain’s bullish trend. Most of these factors are also long-term and looking likely to continue for the next few weeks and possibly months.
In the technical side of things, the price action also shows a high likelihood of the current bullish trend continuing for the next few trading sessions. On the chart below, we can see indicators such as the Williams Alligator signaling a continuation of the current bullish trend for the next few trading sessions. The chart also shows VeChain’s price breaking multiple resistance levels in the current bullish push, a sign of having momentum and volatility.
Therefore, basing my analysis all all the factors I have listed above, I expect the VeChain price to continue rising. There is a high likelihood we might see it trading above the $0.30 price level within the next few trading sessions.
Daily Chart
