- VeChain’s recent upgrade to VeBetterDAO is driving a slight recovery despite market correction.
- VET faces strong resistance at $0.024, with potential declines to $0.018 and $0.015 if bearish trends continue.
- Technical indicators suggest possible bullish momentum for VET towards $0.036.
Amid the ongoing crypto market correction, VeChain (VET) is attempting a modest recovery from its intraday low of $0.02039. However, VET faces significant resistance at $0.024, hindering a decisive break higher.
Source: CoinMarketCap
As of press time, the price of VET stands at $0.02287, reflecting a slight drop of 1.19% from the previous day. This downturn has impacted VET’s market capitalization, pushing it down to $1.857 billion. Nevertheless, the 24-hour trading volume for VET has shown a positive trend, increasing by 21.46% to $76.597 million.
VeChain’s Upgrade with VeBetterDAO
The modest uptick in VET’s price can be traced back to VeChain’s pivotal upgrade, marked by the VeBetterDAO mainnet launch on June 28. This major update bolsters VeChain’s ecosystem by introducing innovative governance frameworks and reward systems.
In this transition, testnet tokens B3TR, VOT3, and GM NFT are being moved to the VeChainThor mainnet, with the entire process slated for completion by July 8. The token swap from B3TR to VOT3 began on June 28 and ended on June 30, paving the way for mainnet voting that started on July 1.
Key Levels to Watch
Despite today’s drop below the $0.024 threshold, VET’s price may face further declines, potentially targeting the $0.018 support level if bearish pressures continue. A deeper fall could test the $0.015 mark if this critical support is breached.
Source: Tradingview
On the flip side, immediate resistance lies at $0.027 and $0.033. Experts suggest that if VET surpasses the $0.027 peak observed on July 1, the token could ascend to June’s high of $0.036, provided that the bullish momentum gains strength.
Technically, the Relative Strength Index (RSI) is rising from oversold territory, indicating a possible shift towards bullish sentiment. If the RSI continues climbing and crosses above 50, it would confirm this bullish momentum and support predictions of VET reaching $0.036.
Source: Tradingview
Similarly, the MACD indicator shows signs of strengthening bullish momentum. The MACD line moving upwards at -0.00168, above the signal line, suggests a potential upside movement for VET in the near term.
The MACD histogram bars also widen above the zero line, indicating an increase in positive momentum and supporting the possibility of continued upward movement in VET’s price.
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