VeChain Price Up 14.48% – Time to Buy Vechain Coin?

With September now fully in swing, the current VET price looks encouraging to investors who want to purchase high-growth coins. VET has posted some impressive gains in the past few days, and many in the industry have started getting more curious about the coin and what it offers. Below, we’ll look into some of the factors that could be driving the VET price jump and more.

VeChain: Bringing Blockchain Technology to Businesses

VeChain is one of the most popular – and oldest – blockchain platforms in the market. Founded in 2015, the blockchain incorporates a network of computers that allow businesses to develop and operate decentralized applications (dApps).

Amongst many other things, VeChain’s objective is to enable much better digital collaboration between companies by offering mechanisms for data transfer and supply chain management.

It launched initially to offer supply chain management solutions, but it eventually rebranded to VeChain Thor in 2018 after its protocol’s mainnet launched. That mainnet launch helped to increase the scope of dApps in the ecosystem, allowing them to include additional data solutions.

VeChain was one of the top blockchain platforms at the time when many believed that blockchain’s main value proposition for businesses was to help businesses with supply chain management. But, it has since expanded. Today, several companies use the blockchain – including automaker BMW, fashion conglomerate LVMH, and e-commerce giant Walmart.

Central to VeChain’s operations are two tokens – VET and VTHOR. While VTHOR is used for executing transactions, VET helps in governance. VET can also be held, spent, and staked.

VET: Price Movements in 2021

Like many cryptocurrencies, the VET price has had a rollercoaster performance in 2021 so far. The asset started 2021 trading at $0.019, and its value steadily rose over the first couple of months.

With assets notching new highs regularly, the VET price wasn’t left out as well. The asset eventually hit its all-time high of $0.279 on April 17. The VET price dropped from there, but it still maintained a healthy perch atop the $0.2 point for the next few weeks.

Finally, the market slump came in May and the VET price crashed from $0.25 on May 7 to $0.051 on May 19 – a 79.6 percent drop in less than two weeks.

That point proved to be VET’s bottom, and the asset didn’t get that low again. But, this isn’t to say that the VET price was breaking any bounds. There were several additional slumps in the market, all of which took VET well below the $0.1 mark.

Thankfully, the market is rallying once more and VET looks to put the ghost of the market slump behind it. The asset’s one-month chart is very promising, showing a healthy 75 percent gain from $0.08 to $0.145. With that current price, the VET price is up 14.48 percent in the past 24 hours and 21.53 percent in the past week.

VET: Technical and Fundamental Analysis

VET’s technical readings show that the asset has benefited from its recent performance. Its 20-day moving average (MA) stands at $0.127, while its 200-day MA is also gaining at $0.112. The asset will need to continue surging if it hopes to keep these averages at bay and push even higher.

The coin’s relative strength index (RSI) also stands at 65.89. That’s relatively underbought for a cryptocurrency, but the metric has also been rising all week. Investors are seeing VET’s performance and buying in.

As for fundamentals, VeChain announced that the VeChain Thor mainnet had surpassed 10 million blocks. The developers explained that the milestone is a testament to the blockchain’s scalability, security, and stability. Grater adoption will only fuel VET to go higher.

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