VeChain price prediction: a jump to $0.25 seems possible

The VeChain (VET/USD) price has been under pressure recently as the recent rally pauses. VeChain is trading at $0.1163, which is slightly below this week’s high of $0.1420. The coin has a total market value of more than $7.5 billion

VeChain rally pauses

VeChain is a blockchain project aimed for enterprise customers. The network helps companies in sectors like agriculture, finance, retail, and logistics to handle some of the key challenges. Some of the leading companies that have embraced the network are BMW and Walmart.

This week, the developers announced a new major user of its platform. In a statement, they announced that Oatman Farms, an Arizona agricultural company, will use its technology to improve its logistics. The company will use this technology through StoryBird, a VeChain product that was developed by Producers Market. In a statement, Dan Hansen of Oatman said:

“Oatman Farms adopted StoryBird for its farm and organic baking mixes because it allows us to showcase and differentiate our farming practices, ingredients and finished products with clarity, flair and transparency.”

Like all altcoins, the VeChain price has been making a strong recovery after it found a strong support at $0.5730. It has risen by more than 105% from its lowest level in March. This bullish trend has been because of the strong recover of Bitcoin, the biggest cryptocurrency in the world. After falling below $30,000 in July, the coin made a strong recovery to more than $48,000.

Other altcoins have also surged. For example, Cardano has recovered all losses made in May and June and is now the second-biggest coin in the world. Ethereum and Binance Coin have also jumped substantially while the market cap of all cryptocurrencies has surged to more than $2 trillion.

VeChain price prediction

The daily chart shows that the VET price rose to a key resistance at $0.1420. This was an important level since it was the highest level on July 3. It has also moved above the 25-day and 50-day weighted moving averages (WMA). The Relative Strength Index (RSI), on the other hand, has moved from the overbought level of 82 to 57. 

Therefore, there is a likelihood that the coin will soon bounce back as investors target the next key resistance level at $0.25. On the flip side, a drop below $0.093 will invalidate this view.