- VeChain gains 1.78% in a day despite losing 12.34% over the week.
- A successful breakout retest near $0.023 may lead to a $0.034 target.
- Open interest increases, but falling volume suggests cautious market sentiment.
VeChain (VET), a blockchain project focused on supply chain and logistics, is showing signs of recovery after a difficult week in the crypto market.
While many cryptocurrencies are moving sideways, VeChain is attracting attention thanks to a small price increase and technical signals pointing to a possible rebound.
In the last 24 hours, VET has risen by 1.78% and is now trading at $0.02312. Interestingly, this gain comes even after the token dropped over 12% in the past week, showing how volatile the recent days have been.
The current trading volume is $36.13 million, which is down 8.4%, while the market cap stands at $1.99 billion.
Also Read: VeChain Price at Crossroads: Could VET Skyrocket to $0.07 Again?
VET Breaks Above Long-Term Downtrend Line
The latest chart shows that VeChain broke above a downward trendline that had been limiting its growth. After the breakout, the price pulled back slightly to retest the same level it had struggled to cross earlier. This is a healthy sign in technical analysis, a former resistance level turning into support.
This significant support line lies in the $0.02250 to $0.02300 region. If VET holds on to this level, it might make its way to $0.03400, which would translate into a 44% increase from the current level. If the level drops to $0.02150, it might move down to the $0.01800 region.
Mixed Market Signals, But Interest Growing
While VET’s trading volume fell by 10.76% to $39.40 million, open interest rose by 3.64%, reaching $91.62 million. This suggests more participants are entering positions, possibly preparing for an upcoming price move.
The funding rate is slightly positive at +0.0109%, indicating a small bias toward upward movement. Still, VeChain’s price remains stuck in a broad trading range, and a clear trend has not formed yet.
VeChain recovers from recent lows as the broader crypto market turns neutral. If major support levels hold, VET could aim for $0.03400. However, trading remains muted as investors await clearer market direction.
Also Read: VeChain (VET) Eyes $0.056 Breakout as Price Bounce Off Key Support
