VeChain (VET) has broken above a key descending trendline and reclaimed a major horizontal resistance level at approximately $0.0074, signaling a potential structural shift. The breakout, identified by crypto analyst Alpha Crypto Signal, was accompanied by a roughly 8% price increase and significant volume. Derivatives data from CoinGlass shows futures volume surged nearly 199%, with open interest rising over 65%, indicating heightened trader activity and cautious optimism around the move.
The cryptocurrency VeChain (VET) has broken key resistance, signaling a potential bullish continuation after weeks of selling pressure. At the time of reporting, VET was trading near $0.0075 after gaining roughly 8% in 24 hours according to CoinMarketCap data.
Crypto analyst Alpha Crypto Signal identified the breakout on X, referencing a clean trendline break and strong reclaim of horizontal resistance. “Clean breakout with momentum, showing buyers stepping in aggressively,” the analyst stated in the post.
TradingView chart analysis shows the price is now trading above its 20 and 50-day Exponential Moving Averages (EMAs). The move is supported by a bullish MACD crossover and a Relative Strength Index (RSI) reading above 70, though that indicates potentially overbought conditions.
Derivative markets show a notable surge in activity surrounding the price move. Data on CoinGlass indicates VET futures volume rose by almost 199% within a day, while open interest increased over 65%.
Funding rates are becoming increasingly positive, suggesting traders are leaning into long positions. The overall data reflects rising, though speculative, interest from the derivatives market.
The immediate support level for VET now lies near the $0.0074 breakout zone. Analysts suggest maintaining this level is crucial for the new structure to hold and for potential continuation toward the next resistance zone between $0.0078 and $0.0080.
