VeChain (VET) Grapples With Resistance Challenge Amidst Active Contracts Surge

VeChain (VET) is grappling with a crucial resistance level of $0.030, struggling to break through this barrier in the wake of recent market turmoil.

Cryptocurrency market continues to experience turbulence, with Bitcoin (BTC) taking a hit and sliding below the crucial support level of $24,000. This downturn has had a ripple effect, impacting the prices of other cryptocurrencies, including VeChain (VET).

VET price struggles at a crucial resistance level

As per the latest data, VET price is encountering resistance at $0.030, which has hindered its further ascent in the wake of recent market turmoil.

The sharp decline in Bitcoin price has infused a wave of volatility in the cryptocurrency sector, directly affecting VET’s price movement. For the past two weeks, VET has been observed trading within a narrow range, fluctuating between $0.025 and $0.030.

During the past week, VET has undergone a moderate decline of around 2%. However, despite this downturn, there are indications of potential stability and a possible breakout from the resistance level.

Notably, VeChain has recently broken through the upper boundary of a long-term descending trend channel. This development suggests a potential shift in market dynamics, indicating either a slower rate of decline or the beginning of a more stable, horizontal price movement.

A glance at the monthly candle chart for VeChain reveals a close above the bearish trend breakout line (marked in red), which is a positive sign. However, the candle’s small, centered body with extended wicks at both ends reflects market indecision. If the price manages to bounce off the red support level, it could signal a bullish trend in the near future.

At the time of writing, VeChain price is trading at $0.026501, with a 24-hour trading volume of $48.97 million. The market capitalization of VET is $1.93 billion, and it holds a market dominance of 0.08%. Over the past 24 hours, VET’s price has decreased by 2.67%, reflecting the ongoing market uncertainty and resistance challenges.

VeChain Active Contracts Surge by 50%

In other news, crypto analyst Crypto Yapper has highlighted that, VeChain (VET) has experienced a significant moment in its price journey. After a notable rebound from lower support levels, the cryptocurrency has encountered a critical resistance point, which it struggled to surpass. This resistance is crucial for VeChain to maintain its bullish momentum and continue its upward trajectory.

Despite this setback, there’s plenty of excitement surrounding VeChain’s performance. The platform is currently witnessing a surge in activity, with active contracts reaching unprecedented levels. This increase is largely driven by a higher volume of transactions, signaling robust engagement and growth within the VeChain ecosystem.

The rise in active contracts highlights VeChain’s expanding role in executing Ethereum Virtual Machine (EVM) operations, which is a positive sign of its evolving infrastructure and adoption. As VeChain continues to develop and integrate more contracts, its position in the crypto market is likely to strengthen.

For VeChain enthusiasts and the Vefam community, the current developments are promising. The next key challenge for VeChain will be to break through the critical resistance level to solidify its bullish trend and capitalize on its growing transaction volumes. Stay tuned as VeChain navigates these pivotal moments in its journey.

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