VeChain (VET) Price Prediction: VET Skyrockets 45% Weekly Amid Bullish Optimism and Development Updates

VeChain (VET), a Layer 1 blockchain that allows developers to create real-world dApps, has experienced bullish momentum. The VeChain price has jumped 45% in a week amid growing bullish optimism and development updates.

Layer 1 blockchain VeChain (CRYPTO: VET) has experienced bullish momentum, with its price jumping 45% in a week amid growing optimism and development updates.

The broader bullish sentiment in the crypto market has fueled the VET price rally.

As per recent updates, the network has become a member of the European Blockchain Association, indicating a drive to boost adoption in Europe.

What Happened: As optimism builds around VeChain, several key developments are on the horizon, including the VET road map, ambassadors, and protocol changes.

Moreover, the expanding use cases have contributed to the altcoin’s latest surge.

At the time of writing, the VeChain price was trading at $0.04231. Furthermore, the token observed an intraday decline of over 2.10%. It ranked 37th among the top crypto coins with a market cap of $3.43 Billion.

An analyst named Scofield highlighted in a recent tweet that the VeChain price has breached a trendline of the channel pattern.

Furthermore, the token could surge by 20% in the next sessions.

$VET Is the next one pic.twitter.com/3M4Au4GvSH

Moreover, another analyst, Alan Santana, stated that the VET crypto has moved out of the long-term accumulation channel.

$VET — #Altcoins | Vechain (VETUSDT) broke out of long-term accumulation channel.

Prepare for a massive, massive bullish run.

Shy 2025 ATH projection can reach just below $1 at $0.73.

Can be more, can be less…

👉 See more here:https://t.co/zEFkJsD5HV pic.twitter.com/s0YyDjLdcw

The analyst also mentioned that the token was preparing for a bullish run. It could acclerate beyond the 61.8% Fib level above the $0.05200 mark.

A recent price surge with a substantial volume spurt indicated buyer accumulation and whale buying activity.

The latest 45% weekly surge sparks bullish sentiment and a possibility of reaching the 52-week high zone of $0.05300.

Recently, the VET price has registered a descending channel pattern breakout and moved out of a prolonged decline.

The Relative Strength Index (RSI) at 74 indicated bullish momentum. However, it suggested caution as it approached the overbought zone.

The Average Directional Index (ADX) rose to the 44 mark. That depicted buying strength and a strong uptrend on the chart.

Derivatives Data: Data from Coinglass revealed that $216.5k in long positions had been liquidated, compared to $68k in shorts.

This disparity suggested that bullish traders currently dominate the market. However, it also impacted price stability and could trigger massive volatility ahead.

Meanwhile, the OI-weighted funding rate stayed positive at 0.0639%, representing the demand for long contracts.

The immediate support zones were $0.4000 and $0.03800. On the other hand, the resistance levels were $0.04300 and $0.4700.

Price Action: In premarket trading on Monday, the Dow Jones Industrial Average gained 120 points, or 0.35%, while the S&P 500 slipped 10 points, or 0.25%, and the Nasdaq Composite dropped 30 points, or 0.27%.

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