- VeChain’s VET trades near resistance at $0.02624 with support at $0.02483, showing signs of range-bound compression.
- Technical patterns suggest a potential breakout by July 4, as price consolidates within narrowing trendlines.
- Chart outlines three scenarios, with bullish momentum supported by MACD crossover indicators.
VeChain’s native token, VET, has seen renewed interest following a recent spotlight on its real-world asset (RWA) applications. The increased exposure to RWA use cases may be contributing to renewed speculative interest in VET, as investors observe how VeChain’s enterprise-oriented blockchain technology aligns with tokenized real-world utility.
As of June 10, VET’s price stands at $0.02601, marking a 4.2% increase over the past 24 hours. With this price action, traders are closely watching the token’s next moves, particularly as the market approaches a significant technical range. The asset is now trading just below its resistance level of $0.02624, while support is holding firm at $0.02483.
VeChain Eyes Breakout as Price Compresses Near Key Levels
VeChain is now moving between a tightly contested range, with strong support observed at $0.02483. Notably, resistance at $0.02624 has already begun testing in recent trading sessions. The short-term upside push aligns with the 4.2% daily price increase, reflecting temporary bullish pressure.
According to a chart by analyst VeThorVendetta, the current trajectory points toward a potential breakout before July 4. The chart analysis outlines several likely paths the token could follow, each suggesting varying degrees of volatility and accumulation within the coming weeks.
Further examination of the chart shows the use of multiple diagonal trend lines and Fibonacci retracement levels. These elements help define the boundaries where price is consolidating. This structure appears to suggest that price compression is forming around key pivot zones where price action could see sharper moves toward the second half of June. Notably, a mid-range rejection around June 16 could trigger a retest of support, before buyers return.
Technical Patterns Signal Cautious Optimism Amid Steady Volume
VET early RSI indicator is aligning with the bullish narrative with RSI currently trading at 61.15 showing a neutral to oversold momentum.
However, the MACD indicator at the chart’s base displays slight bullish momentum, with a crossover beginning to emerge. This adds another layer of technical interest to the current structure. However, overall volume remains steady, signaling neither major accumulation nor distribution at this stage.
VeChain Approaches Key Resistance Zone
With resistance nearing and repeated attempts to breach the $0.02624 mark, momentum could increase. Price reactions within this zone over the next three weeks will likely determine whether VeChain exits its current structure or continues ranging. In the meantime, close monitoring of trendline interactions and price rejection zones may offer clearer insight into the next leg of movement.
