VeChain (VET) broke key resistance, signaling a potential bullish continuation. The move supports a bullish VeChain price prediction after strong buying pressure reclaimed a major resistance level.
At the time of this report, VET is trading at approximately $0.0075 and has gained roughly 8% in the last 24 hours. According to CoinMarketCap, VET’s price increase reflects greater market participation in the cryptocurrency space.
Crypto analyst Alpha Crypto Signal identified the breakout on X. In the post, he referenced a clean trendline break and strong reclaim of horizontal resistance. This is VET’s first major structure shift after weeks of selling pressure.
VET Breakout Validates Structural Change
In the chart from TradingView, VET has broken out above its descending trendline resistance. Additionally, the price of VET successfully took back the horizontal resistance zone at $0.0074 along with solid bullish momentum.
Volume increased substantially during the breakout, validating heavy involvement from buyers. The price of VET is currently trading above both the 20 EMA and 50 EMA. Therefore, it appears to be developing some short-term strength.
However, there is still one other important resistance area that must be overcome before the price can be said to be trending strongly upward. That resistance is the 200 EMA.
A successful test of this area will likely validate that the price of VET is indeed entering a longer-term uptrend. RSI is currently reading well above 70 and is beginning to show signs of being overbought.
MACD is showing a bullish crossover pattern, along with a widening histogram, and supports the fact that VET is experiencing a very strong momentum. Therefore, this VeChain price analysis clearly indicates that the VET breakout is heavily supported by volume and momentum-based indicators.
Also Read | VeChain v2.4.3 Mainnet Upgrade Goes Live: Could It Push the VET to $0.010?
Derivative Market Shows Strength
As indicated by data on CoinGlass, VET futures volume rose by almost 199% within 24 hours. Open interest has also risen by over 65%. Both statistics reflect increasing interest in engaging in trader activity.
However, since the long-to-short ratio is remaining relatively flat, it suggests that traders are exhibiting a cautiously optimistic view.
Funding rates are becoming increasingly positive, which indicates that many traders are taking a long position on the future direction of its price.
Although spot volumes continue to remain lower than futures volumes, this indicates that speculation continues to dominate trading activity. As such, this dynamic could create volatile short-term price movements after a breakout occurs.
VeChain Price Prediction and Important Levels
This VeChain price analysis confirms a solid VET breakout due to high market participation and continued bullishness as long as the price remains above support. For now, immediate support for VET resides directly under the current price at approximately $0.0074.
If the price of VET maintains its bullish nature, the next logical price target exists between $0.0078 and $0.0080. If buyers continue to dominate and push its price up through these zones, it would ultimately provide entry points toward even higher price areas.
If the price of VET drops below the support zone at $0.0074 and fails to recapture it immediately, it would invalidate the entire structure established by the breakout. Also, it would most likely prompt a short-term correction or “fake-out” in price action.
Traders should closely watch for additional confirmation via volume trends and derivative market positions.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read | Stellar (XLM) Price Consolidates as Weak Momentum Hints at Support Test
