The VeChain price is close to a bullish breakout after its price moved above a key resistance level. VET price is trading at $0.1703, which is slightly above the key resistance level at $0.1577. This price is about 200% above the lowest level in July.
How VeChain works
VeChain is a blockchain project whose foundation is headquartered in Singapore. The platform was started by a former senior executive at LVMH, the biggest luxury goods company in the world.
VeChain uses a technology known as VeChainThor that enables companies to simplify their supply chain. Thor is the operating system of the network. In the real world, VeChain gives physical products a unique identity known as radio frequency identification. The data collected by these sensors is then moved using blockchain technology.
Today, the network is used by several companies, including LVMH and Walmart to simplify their supply chain. It is also used by non-governmental organizations and other players to improve their supply chains. At the same time, the developers are opening their ecosystem for companies to build the so-called enterprise Non-Fungible Tokens (NFT).
VeChain was once one of the most popular cryptocurrencies in the world. This trend was evidenced by its parabolic rally and the fact that it was one of the most searched coins in Google. The popularity waned as cryptocurrencies crashed and China implemented a major crackdown. So, let us look at what to expect in the near term.
VeChain price prediction
On the daily chart, we see that the VET price surged to an all-time high of $0.2787 in May this year. This was a remarkable rally since it was more than 2,300% above its lowest level in January.
The VeChain price then crashed during the crypto sell-off that happened in May this year. Since July, the coin has managed to stage a recovery although it found a strong resistance at $0.1577. It managed to move above this resistance level during the weekend.
At the same time, it has risen above the 25-day volume-weighted moving average. Therefore, the coin’s price will remain in a bullish trend as bulls target the all-time high of $0.2800, which is about 65% above the current level.
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