The VeChain price is in a consolidation mode as the recent strong rally takes a breather. The VET price is trading at $0.2432, which is slightly below the all-time high of $0.2800. According to CoinMarketCap, the total value of VeChain has risen to more than $15 billion, making it the 15th-biggest digital currency in the world.
VeChain rally pauses: VeChain is a blockchain company that developed the VeChainThor. The goal of this project is to help companies build quality and scalable decentralized projects.
Unlike other projects, VeChain uses a proof-of-authority framework that demands nodes be authorized in order to participate in the blockchain consensus. These nodes have equal chances to publish new blocks and produce new rewards.
VeChain has made a lot of progress recently, especially in China, where large companies are already using its framework to build apps. Some of the most notable companies using this technology are LVMH, Fashion for Good, and DB DB Schenker, among others.
This user adoption has been beneficial to the VeChain price. VET has jumped by more than 2,600% from its lowest level in November last year. It has risen by more than 1,200% this year, becoming one of the best-performing blockchain projects.
VeChain price prediction
The daily chart shows that the VET price has been in a strong upward trend recently. In the past few days, however, the currency has been in a consolidation mode. It has also formed what looks like a bullish pennant pattern. It is also above the 25-day and 50-day moving averages.
Therefore, as I wrote on Sunday, there is a possibility that the price will surge to above $0.33 as momentum holds steady. However, a drop below the weekend low at $0.1613 followed by a move below the two moving averages will invalidate the bullish thesis.
VET Price Chart
Follow Crispus on Twitter.