The VeChain price is breaking out. The VET price is trading at $0.1170, which is the highest it has been since September 16. The coin’s price has jumped by more than 44% from its lowest level in September. This rebound has pushed its total market capitalization to more than $7.2 billion.
Why is VET rebounding?
The VeChain price is rebounding mostly because of the performance of other digital currencies. Bitcoin sits comfortably above the key resistance at 455,000 while Ethereum has jumped to more than $3,600. In most cases, altcoins like VET tends to move in sync with other digital currencies like Bitcoin.
As such, there is a likelihood that investors are buying VET as a proxy for other currencies. So, what next for the VET price?
VeChain price prediction
A quick look shows that the VeChain price faced a major resistance at $0.1160 since September. It has struggled moving above this price several times in the past. Therefore, it is notable that the price rose above the resistance level earlier today. It sends a signal that there are more buyers in the market.
Meanwhile, the price has moved above the upper side of the bullish flag pattern. In most cases, a bullish flag is usually a bullish signal. The bullish trend is also being supported by the 25-day and 50-day moving averages.
Therefore, the VET price will likely maintain the bullish trend in the near term. This could see it push to the next key resistance at $0.1275, which is about 10% above the current level. This view will be invalidated if the price drops below the key support at $0.1050. This prediction is in line with what I predicted last week.