- VET’s strong support at $0.02850 signals active accumulation and bullish consolidation
- Stargate Staking launch on July 1 could drive demand and reduce VET’s market supply
- MACD and RSI indicators support potential breakout above $0.030 toward $0.0474
VeChain’s native token, VET, is showing signs of renewed bullish momentum heading into May 17. Market participants are closely watching key technical levels. Meanwhile, growing excitement about VeChain’s Stargate Staking program, launching on July 1, is boosting bullish expectations.
Analyst Signals Bullish Outlook
Analyst Michaël van de Poppe highlights that VET continues to hold higher timeframe support around $0.020. This base, coupled with growing on-chain utility, paints a bullish medium-term picture. Van de Poppe notes that while the market has seen volatility, fundamental growth in VeChain’s ecosystem during the past quarter remains underappreciated.
Significantly, the upcoming Stargate Staking program could act as a strong catalyst for VeChain’s ecosystem. It presents a compelling opportunity for investors, offering attractive rewards for staking assets within the network.
Unlike a fixed 10% APY on a static investment, the program paves way for the asset to experience an appreciation in value. It encourages early participation by offering certain perks to early adopters and reinforces network activity.
This increased engagement could drive demand for VET, supporting its bullish momentum. If VET sustains its current strength, a push past $0.0474 may target the longer-term resistance near $0.08.
$VET is, again, holding the higher timeframe support level.
— Michaël van de Poppe (@CryptoMichNL) May 15, 2025
There's been a ton of fundamental growth in the past quarter which isn't priced in.
I assume that the price is going to rally through the previous high as VeChain launches their new Stargate Staking program on July… pic.twitter.com/0j7bz0EAGo
Technical Picture Shows Strength as Price Consolidates
As of May 16, VET is trading at $0.02971, marking a 2.21% daily gain with 24-hour volume up over 18%. The price action reveals a bullish structure developing above the critical support zone of $0.02850 to $0.02880. This range has been tested multiple times, holding firm through intraday volatility and suggesting strong buyer interest.
Above this foundation, a series of higher lows indicate an active accumulation phase. The breakout past $0.02932 earlier in the day confirms bullish intent, especially as this level now flips to potential support.
Furthermore, the psychological barrier at $0.03 stands as the next immediate target. A decisive close above this round number could pave the way for further gains toward $0.037 and eventually $0.0474, the next major resistance levels. These areas previously acted as price ceilings, and surpassing them would validate the continuation of the current uptrend.
Momentum indicators also support this thesis. The MACD is signaling early bullish momentum, with the MACD line edging above the signal line. Meanwhile, the RSI hovers near 57.5, allowing room for more upward movement before entering overbought territory.
