VeChain (VET) is on the verge of a breakout and struggling to catch a bullish wave, mirroring the broader market sentiment. Over the last 24 hours, VET shows stability, while the weekly decline stands at 2.53%. At press time, the token is trading at $0.02345, with trading volume up 4.96% to $52.8 million. Market capitalization stands at $2.01 billion.
Also Read: VeChain Price Prediction: VET $0.022 Support Could Trigger 800% Upside
According to crypto analyst Jireon, VET is resting above a long-term ascending trendline established in 2020. This level has consistently acted as strong support for over five years. The $0.023–$0.025 zone remains critical, offering a favorable risk-to-reward setup for accumulation. The pattern of higher lows since 2020 reflects underlying bullish strength, with long-term holders gradually positioning for future growth.
Technical analysis points to $0.05328 as the first significant resistance, followed by $0.08288. Both levels have historically capped price rallies, making them logical targets if momentum strengthens. The chart structure indicates a bullish pattern signaling possible continuation ahead.
Momentum indicators support this outlook. The Relative Strength Index (14-day, close) stands at 46.69, just below neutral. That suggests strength for higher levels ahead of becoming overbought. A breakout above 50 on RSI, along with rising volume, would lead to a stronger bullish phase. Volume is still range-bound, a sign of tempered accumulation rather than vigorous distribution.
CoinGlass data shows VeChain’s open interest at $100.07 million, up 0.22%. Such a small increase implies step-by-step trader positioning without forced exposure. Volatility has decreased compared to past cycles to account for the smooth price action witnessed in recent weeks.
Meanwhile, the OI-weighted funding rate stands at 0.0096, signaling a mild long bias. Traders remain bullish but cautious. It is still in wait-and-see mode throughout the market and lacks the enthusiasm that is typical during breakout phases.
Overall, VeChain remains solid at a key support area. With increasing open interest, neutral RSI levels, and long-term accumulation patterns, the token has an appealing structure in place for long-suffering investors, while shorter-term traders can continue to watch out for levels of resistance closely.
Also Read: Crypto.com Partners with VeChain Foundation While VET Struggles at $0.023
Also read: XRPL Validator Responds to SWIFT CIO’s Critique of Ripple
