VeChain (VET) is showing renewed bullish momentum as buyers defend the recovery structure. The falling wedge setup supports the possibility of further upside, while rising market participation strengthens sentiment. VeChain’s upcoming network upgrade could provide an additional catalyst for adoption and renewed investor interest.
At the time of writing, VET is trading at $0.007028 with a 24-hour trading volume of $13.08 million and a market capitalization of $604.32 million. However, the VET price has surged by 1.67% over the last 24 hours.
Source: CoinMarketCap
Momentum Indicators Point to a Strong Recovery
According to the TradingView chart analysis, VET shows an extended period of range-bound consolidation followed by a strong upward breakout in late August.
After bottoming near $0.00420 in June, VeChain fluctuated between $0.00450 and $0.00500 for weeks. A surge in momentum pushed the price sharply past resistance, topping near $0.00750 before stabilizing.
Source: TradingView
Currently trading around $0.00704, the price attempts to resume its uptrend. Technical indicators highlight solid bullish sentiment, though overbought risks remain.
The RSI sits at 71.93, crossing above the 70 overbought threshold. Meanwhile, the MACD maintains a positive histogram with the main line at 0.00053 holding above its signal line, confirming ongoing momentum.
Also Read: VeChain (VET) Price Outlook: Potential Recovery if $0.00672 Resistance Reclaimed
VET Price Eyes $0.0080 on Falling Wedge Breakout
The crypto analyst Crypto With Gopal revealed that VeChain (VET) is showing a potentially bullish technical structure as price consolidates inside a falling wedge. The pattern reflects weakening selling pressure alongside gradually improving buyer strength.
With VET approaching the formation’s upper trendline, traders are watching closely for a decisive move that could confirm a shift in momentum and strengthen the broader recovery outlook.
Source: Crypto With Gopal’s X Post
It would not be surprising if a breakout through the falling wedge results in VET gaining sufficient momentum to enable a stronger rise.
With the current bullish formation, there is potential for the price to reach the $0.0080 mark if there is enough support from buyers. But traders might be looking for some consolidation first before considering the move confirmed.
VeChain (VET) Sees Rising Volume and Open Interest
Coinglass data also pointed out that the market is experiencing more activity in the trading of VeChain (VET) coin as the trading volume increases by 21.44% to reach $20.72 million.
There is an increase in open interest by 11.22% to reach $32.74 million. The increasing activity in volume and open interest could mean that more speculators are entering the market.
Source: Coinglass
Following the bullish price predictions and improving technicals and derivatives, the VET price is moving in an upward direction. This move is also backed by the improving trend in the crypto market as the BTC price has started to move upward.
VeChain (VET) Tops DVIO Index Ahead of Upgrade
The data from DEFTIndex further highlighted that VeChain (VET) has taken the first position on the DVIO Index Weekly Weight Change Ranking as of August 22 to 28, as market interest has grown due to the upcoming Interstellar upgrade.
It is happening because VIP-255 was passed via voting by stakeholders and will take effect on block number 25,902,540 as of September 16.
Source: DEFTIndex’s X Post
The upcoming Interstellar upgrade is aimed at improving the VeChainThor blockchain with P-256 passkey-enabled verification and BLS12-381 cryptography, all while further developing the already existing staking economy initiated via Hayabusa.
While such upgrades may be beneficial for network performance and developers’ participation, what remains to be seen is whether this trend will continue after the implementation.
What Happens Next?
What’s next for VET will be based on how buyers fare in extending their gains and breaking out past resistance at the falling wedge pattern.
Such a breakout will make a case for the rally continuation with potential for further movement towards $0.0080, while an increase in volumes will favor the move. The upcoming Interstellar update will be of interest.
Also Read: VeChain Price Analysis: VET Tests Support While 500% Upside Comes Into Focus
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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