VeChain (VET) Holds Strong Amid Market Correction, Eyes Breakout

• VeChain’s accumulation phase hints at a potential breakout if support at $0.03563 holds, backed by strong market participation.
• Historical price action suggests reclaiming lost levels could fuel a rally, with resistance at $0.07470 as the next key target.
• RSI remains below overbought levels, signaling room for growth, while weekly candlestick patterns reflect strong buying pressure.

VeChain (VET) improved to one of the strongest blockchain projects in the crypto market. Unlike previous cycles, where older protocols lost relevance, VeChain has consistently built and adapted. The project remains focused on sustainability, with VeBetterDao emerging as a prime example of real-world blockchain solutions. Besides, the recent market correction has opened new investment opportunities for long-term holders.

VeChain’s Market Structure and Price Analysis

Currently, VeChain (VET) trades at $0.03563, marking an 11.69% increase. A higher timeframe support zone is visible between $0.02048 and $0.03650. Recently, the price tested this support, confirming its significance.

In the past, VeChain experienced a drop between the middle of 2021 and the middle of 2022. However, a protracted phase of consolidation followed, setting the stage for a breakthrough in 2024. VET returned to its support zone after peaking at $0.07470. Furthermore, an accumulation period, which frequently comes before significant upward momentum, is indicated by the recent price fluctuations.

Trading volume surged during the latest uptrend, demonstrating strong market participation. Additionally, the Relative Strength Index (RSI) remains below overbought levels, suggesting room for further price increases. If the price holds above $0.03563, it may push higher toward the next resistance level.

Key Levels and Future Outlook

Resistance remains near $0.07470, a level where previous rejections occurred. However, higher timeframe support suggests ongoing accumulation before a potential breakout. A failure to hold above $0.02048 could signal a bearish continuation. Nonetheless, historical price action suggests that reclaiming lost levels could fuel further upside.

Furthermore, the weekly candlestick patterns indicate strong buying pressure near support. If VeChain holds its ground, another upward move remains likely. The overall market structure points to a buildup phase, mirroring previous accumulation periods that led to explosive breakouts.

Market participants should closely monitor the $0.03563 price level. This zone serves as a critical support level. Additionally, a push beyond resistance could validate bullish momentum. VeChain’s long-term fundamentals remain solid, making it a project worth watching in this cycle.