Oh joy, VeChain has finally broken free from its bearish shackles and is now strutting its stuff with a 7.25% surge in price 🚀. Who knew all it needed was a bit of bullish momentum, rising volume, and a technical breakout to get the party started? 🎉
But let’s get down to business. At the time of writing, VET was trading near $0.0225, and investors were practically drooling over the token, leading to a 45% surge in trading volume 💸. This increase in volume is likely driven by a recent breakout following a price uptick and a shift in overall market sentiment 🤝.
Now, let’s talk technical analysis 📊. AMBCrypto’s experts have revealed that VET has broken out of a prolonged consolidation phase and a resistance level formed by a descending trendline 📉. Moreover, the asset has successfully closed a daily candle above this breakout level, suggesting that VET is now on the verge of an upside rally 🚀.
But wait, there’s more! VET’s weekly chart also reflects a strong bullish outlook 📈. According to the chart, VET appeared to be forming a bullish double-bottom price action pattern at the time of writing 📊. Additionally, it showed a bullish divergence, suggesting a potential upside rally in the coming days 🤞.
Another catalyst for VET’s potential upside is the support level at $0.019, coupled with a bullish candlestick pattern 🕯️. Since November 2023, VET has hit this support level six times, each leading to a strong rally, which investors expect to repeat 🤞.
So, what’s the verdict? If bullish momentum holds and VET stays above $0.022, the token could climb as much as 40%, potentially reaching $0.032 🚀. However, falling below the $0.022 level could trigger either a pullback or sideways movement 🤔.
Despite recent gains, VET was trading under its 200-day Exponential Moving Average (EMA), as of writing, indicating that it hasn’t fully exited the broader downtrend 📉.
On-chain metrics show bullish traders’ sentiment 📊
Given the current market sentiment, traders on Binance have shown strong interest in the asset, as revealed by the on-chain analytics firm CoinGlass 📈. At press time, the Binance VETUSDT Long/Short Ratio stood at 1.92, indicating strong bullish sentiment among traders 🤝.
This metric further shows that 65.76% of traders were holding long positions, while 34.24% were in short positions 📊. Additionally, traders are currently overleveraged at $0.0208 on the lower side (where most traders seem to be betting) and $0.0229 on the upper side 🤔.
Combining these on-chain metrics, it appears that bulls are currently dominating the asset, and the price may continue its upside momentum in the coming days 🚀. But, as always, only time will tell 🕰️.
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2025-07-10 22:17