What to know:
- VeChain remains inside a descending channel with support attracting fresh buying interest.
- A breakout above key resistance could shift momentum, while losing support may extend losses.
- Long-term analysts see a falling wedge pattern that could open the door to a major recovery.
VeChain (VET) is approaching a crucial technical level as traders weigh the possibility of a trend reversal for the VeChain price against the risk of another decline. While the token continues to trade under pressure in the short term, several market observers believe its long-term chart is beginning to show signs of improvement.
According to Alpha Crypto Signal, the VeChain price is still moving within the downward channel and is therefore bearish in the short term. The coin is approaching the level of channel support, where the previous buyers emerged.
Any retracement will see the price rising to the upper boundary of the channel, although the prevailing trend remains bearish.
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VeChain Price Remains Under Bearish Pressure
In the four-hour chart of the VeChain price, there is evidence that sellers have remained in charge despite the recent peak of the token in the middle of June. The token continues making lower highs and lower lows in a downward trend.
Source: X
The VeChain price is lagging behind its peers in the cryptocurrency market due to the current downtrend. Yet, the sell-off pressure appears to be subsiding as the price is stabilizing around the channel support level with the reduction in trading activity during the consolidation period.
A breakout of the VeChain price above the channel and moving averages will signal an improvement in sentiment and the possibility of short covering. Otherwise, the price may drift down.
Network Upgrades Reshape VeChain Ecosystem
Apart from price action, according to X Finance Bull, VeChain upgraded its network through Hayabusa and Galactica upgrades, and VET staked increased from 2.52 billion to 13 billion.
The interstellar version will have Ethereum and AI capability integration. VeChain also maintains partnerships with DNV, Walmart China, BMW, UFC, and the EU Digital Product Passport Project.
Source: X
Falling Wedge Keeps Long-Term Optimism Alive
Yet another analyst, Vet Crypto, spotted a falling wedge formation for the long run, which has been supporting the VeChain price at its level of mid-2025 highs. The coin continues to test the resistance between $0.0045 and $0.0065.
VET is placed near the narrow wedge formation tip, and, normally, the level of volatility increases ahead of the significant market move.
Source: X
Once the price breaches above the upper trend line with high volume, then this will indicate the formation of a bullish chart pattern and, consequently, lead the price up to the next resistance point, followed by the ultimate target at $0.0295 or a 500% increase from the current price level.
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