The VeChain price staged a strong recovery this week as demand for the currency jumped. VET, its native token, is trading at $0.1720, which is the highest it has been since May this year. It has jumped by more than 208% from its lowest level in July this year.
VET rebounds
VeChain is a blockchain project that was started in China by a former LVMG executive. Unlike other popular platforms like Ethereum and Solana, VeChain aims to solve some of the biggest challenges that companies face. Some of the challenges it aims to address are in the logistics and food safety industries.
At the core of VeCbain is what is known as VeChainThor. This is a network built using the popular concepts of proof-of-authority (PoA) and meta transactional features. It also has a committee endorsing mechanism and a block finality mechanism.
Today, VeChain has been adopted by several large enterprises in China. For example, Walmart China uses its technology to track food safety. It is also used by LVMH and several healthcare companies.
VeChain price has had a spectacular run over the years. It rose by more than 2,668% between January and May this year. Also, between March last year and May, the coin was up by more than 15,000%, which is a remarkable performance. Recently, though, the price has lagged other cryptocurrencies like Ethereum and Bitcoin that have surged to an all-time high.
VeChain price prediction for 2021
VeChain has had a strong performance this year. Despite the summer dip, VeChain price is still up by almost 800% this year.
Turning to the daily chart, we see that the coin moved above the key resistance level at $0.1577 this week. This was an important level since it was its highest point in September. Now, the coin is being supported by the Bollinger Bands, moving averages and even oscillators.
Therefore, I believe that more buyers will come in now that it has moved above this key resistance. As such, if the trend continues, I suspect that the coin will retest its year-to-date high, which is about 60% above the current level.
This prediction is in line with my last week’s VET price forecast.
