What’s Driving the VeChain (VET) Price Rally? -Breaking
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What’s Driving the VeChain (VET) Price Rally?VeChain’s (VET), which saw a 25 percent increase in price on Wednesday to $0.08657, reached a total market capitalization close to $55 billion and reached a high of almost $65 billion.
VeChain’s current climb is their second of two steep ascents this week. VET achieved a slightly shorter, but still impressive, rise of more than 42% on Saturday.
VeChain is one of the most performing coins in the last seven days thanks to its overall growth of 62 percent.
VET rallies: What is the point?
VeChain was in a downward trend since January. It drove the price to $0.04001 at February 24, which led it to a slower recovery.
However, the asset’s rebound had not been particularly impressive until its recent price spikes, which were highly correlated with multiple pieces of news from the VeChain project’s creators.
VeChain Foundation continues to grow its international presence. Sunny Lu, co-founder of VeChain, said that VeChain has a plan to establish a new technology department, with 100 developers to meet the growing demands from European businesses.
VeChain joined the Consumer Goods Forum on Tuesday 29th. This forum brings together chief executives and top management of over 400 manufacturers, retailers and other stakeholders, with combined sales in excess of $2.79 trillion.
VeChain Foundation and Draper University signed a partnership agreement last week. This will increase VeChain’s collaboration with Draper University and encourage VeChain adoption of future Web 3.0 projects.
What should you expect?
The positive developments, as well as the huge VET price rise have resulted in a market sentiment towards VeChain hovering around neutral.
VeChain crossed the support level of $0.7900 at the time this article was written and has even surpassed the resistance levels at $0.8400.
VET could experience further market moves towards $0.9500, if it closes above the line in the daily candle. On the other hand, the RSI 14-day indicator shows the asset to be “extreme overbought” territory, signaling that VET could experience correction in the nearest term.
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