- VeChain price has been in a strong bullish trend in the past few months.
- It recently crossed the upper side of the symmetrical triangle pattern.
- VeChain launched VORJ, a platform to deploy smart contracts.
VeChain price continued rallying this week after the latest ecosystem news. The VET token jumped to a high of $0.026, the highest point since March 3. It has jumped by over 34.5% above the lowest level in 2022.
Latest VeChain news
VeChain has been in a strong bullish trend in the past few months as cryptocurrencies continued jumping. Most cryptocurrencies, including Bitcoin, Ethereum, Cardano, and Solana have all jumped sharply in the past few months.
The most recent VeChain news is the latest launch of VORJ. VORJ is a no-code Web3-as-a-service platform that makes it possible for developers to build and deploy smart contracts on the VechainThor blockchain.
VORJ solves a major challenge where users needed to have a good understanding of solidity, which is the language used by most platforms. Most importantly, VORJ is an Ethereum Virtual Machine (EVM), which is a piece of software that makes it possible to deploy Ethereum contracts.
Other features offered by VORJ are Blockchain data API, NFT APIs, Carbon APIs, and Contract deployer among others. In a statement, VeChain said:
“The VORJ beta release currently offers the creation of fungible ERC-20 contracts or non-fungible tokens (NFT) ERC-721 contracts on the VORJ frontend while the VORJ Application Programmable Interface (API) offers users a wider selection of token standards.”
VeChain price prediction
The 4H chart shows that the VET price has been in a strong bullish trend in the past few days. It has moved above the 50% Fibonacci Retracement level. The coin has jumped above the 25-day and 50-day exponential moving averages.
Most importantly, the coin has jumped above the upper side of the ascending triangle pattern shown in blue. Further, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved close to the overbought level.
Therefore, there is a likelihood that the VET price will continue rising as buyers target the next key resistance point at $0.030, which is the 78.6% retracement level. This price is about 15% above the current level. A move below the support level at $0.025 will invalidate the bullish view.
