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- VET has gained 48% since August 19, supported by stronger volume and renewed altcoin demand.
- The $0.00619–$0.0073 Fibonacci zone is the next major hurdle as the rally tests higher levels.
- A break above $0.0081 could confirm a broader bullish trend shift, while rejection may bring renewed profit-taking.
VeChain (VET) has extended a sharp rally, gaining 15% over the past 24 hours and roughly 48% since Wednesday, August 19. The move has come as Bitcoin’s latest advance strengthened sentiment across the broader altcoin market, helping draw fresh attention and trading activity toward VET.
The surge has also been accompanied by elevated trading volume. VET’s daily volume has remained above its 20-day average since last Wednesday, suggesting that the price move is being supported by increased market participation rather than thin trading alone.
Bitcoin Rally Drives VET Higher
The recent strength in VET appears to have coincided with capital moving into altcoins following Bitcoin’s rally. As speculative interest increased, buyers pushed VeChain through levels that had previously limited its upside.
VET had spent much of July and the first half of August consolidating below the $0.0050 resistance area. The subsequent breakout marked a significant change in short-term momentum.
A recent local high around $0.0055 has also been reclaimed as support, giving buyers a stronger base from which to attempt further gains.
VET Faces a Key Resistance Zone
Despite the powerful recovery, the broader technical picture remains less certain. VeChain has been in a longer-term downtrend, while its current swing structure continues to carry bearish characteristics.
The token is now testing a key Fibonacci retracement area, commonly referred to as the golden pocket. This zone sits between approximately $0.00619 and $0.0073.
The upper boundary is about 10% above current prices, meaning VET could potentially extend its rally before encountering a more substantial technical challenge. However, rejection within this area could reinforce the longer-term bearish structure.
Profit-Taking Risk Increases
Liquidation data adds another consideration for traders. Key areas around $0.0050 and above $0.0062 have already been decisively breached, while relatively few major liquidation levels have accumulated above current prices over the past three months.
Trading volume and open interest have both increased, pointing to stronger participation in spot and perpetual markets. If that activity persists, VET could eventually produce a broader bullish structure break.
For now, however, traders face a key decision between following the momentum and protecting recent gains. A sustained move above $0.0081 would provide stronger confirmation that the longer-term trend is shifting bullish.
Also Read: VeChain’s Greencart Hits 1 Million Users, Paying Out $1.2M in Crypto for Sustainable Shopping
VeChain’s 48% advance highlights the strength of the current altcoin rotation, but the rally has not yet fully overturned its broader bearish structure. With VET approaching major Fibonacci resistance and Bitcoin facing its own supply zone, volatility could remain elevated. Traders will be watching $0.0073 and, ultimately, $0.0081 for evidence that the rally can develop into a lasting trend reversal.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
