VeChain Price Surges 28%, Could This Bullish Trend Continue Rising?
- VeChain price is going up steadily with more buyers and stronger trading activity this past week.
- VET is $0.03288 now, up 28.81% this week, with high trading volume and strong market value.
- After rising fast, the price paused briefly as some traders took profits, then continued moving upward again.
- RSI is high, showing overbought, but MACD stays strong, meaning price could still go up more.
VeChain (VET) has entered a notable bullish phase, as observed on its 4-hour trading chart. After weeks of sideways movements and brief declines, the digital asset is experiencing a sharp rise in buying pressure.
The price currently sits at $0.03288, having risen by 7.01% in the past 24 hours and a remarkable 28.81% in the past week. Such outperformance represents a breakout from past resistance levels, which had halted the advancement of VET in April.
The price action is emphasized by successive green candlesticks and increased trading volume, unmistakable signs of growing investor interest. The market snapped back vigorously following a brief period of consolidation punctuated by alternating candles, a positive note for the bulls.
Leven cites the strength of investor psychology and small positive news events in accelerating the token past its short-term moving averages as a sign of a possible trend to long-term development.
VeChain Support Holds, Resistance Levels Test
While momentum indicators are mostly in support of ongoing price appreciation, experts such as Leven call for a balanced perspective. The Relative Strength Index (RSI), standing at 71.68, is normally indicative of overbought levels.
This suggests the possibility of a brief correction or sideways drift prior to any further breakout. The price is also close to the uppermost Bollinger Band at $0.032892, a common technical level at which traders start to book profits.
Yet still, the Moving Average Convergence Divergence (MACD) indicator remains to depict a positive picture. The line of the MACD remains above the line of the signal and is supported by a slightly positive histogram.
This technical setup validates that upward pressure still stands firm against the threat of a shallow pullback. Support levels at $0.03087 and $0.02886 hold short-term stability in place, but the resistance is around $0.03309 with a possible extension to $0.05020 as long as momentum keeps prevailing.
Market Context and Future Scenarios
The price rally of VeChain in recent times coincided with a general rebound in the altcoin market as risk-on behavior has been reignited by retail investors.
Leven not only credits the rally to technical drivers but also to enhanced blockchain utility and strategic collaborations that quietly influence investor confidence.
While short-term resistance will cause occasional pauses, VeChains existing framework provides a healthy platform upon which to build in the long term if volume does stay steady and overall sentiment remains bullish. As the crypto market develops, VET has the capacity to increasingly become a utility-focused asset with long-term value.
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Read more: https://www.tronweekly.com/vechain-price-surges-28-bullish-trend-continue/
Text source: TronWeekly
