VeChain (VET) is showing signs of a potential breakout after a long period of bearish pressure. Analysis indicates that VET is testing a long-standing resistance line that has held the price down since early May.
Current Price Situation of VET
As of now, VET is trading around $0.021. It has recently pushed against the descending resistance line that has capped every rally since mid-May. This trendline connects a series of lower highs that formed during VeChain's extended downtrend.
Potential for Breakout
If VET can break above this resistance, it may trigger a big price move. The chart shows a clean structure with declining volatility and tighter price action leading up to this breakout point, often leading to explosive moves once confirmed.
Market Watching Developments
The price is sitting right at the edge of this trendline, and market participants are closely watching. If VeChain can get a strong push above the resistance, it could quickly attract both traders and long-term investors.
Currently, all eyes are on this resistance line. A successful breakout could signal the beginning of a significant move that puts VeChain back in the spotlight.
