VET Pulls Back Despite Rising Trade Activity
VeChain’s token, VET, has recorded a price dip of more than 4% in the past 24 hours. While its value has slipped, daily trading activity has increased by over 13%. This suggests that traders remain engaged despite the decline. Some believe this pause might be short-lived, especially as a major event approaches that could change the outlook.
Stargate Staking Set to Launch in July
VeChain is preparing to introduce Stargate, a new staking feature that’s scheduled to go live on 1 July. This update is drawing attention within the community, as it offers a fresh take on rewards for token holders. Participants will only need 10,000 VET to take part, and returns are expected to be better than those from the current staking setup. On top of that, early users will be eligible for extra benefits during the first six months.
The staking launch has stirred positive sentiment, with some traders seeing it as a chance for VET to recover and possibly gain value. Market analyst Michaël van de Poppe suggested that VeChain may be approaching a significant turning point after recent upgrades and growth in its ecosystem. He considers the staking rollout as a potential spark for further movement in the token’s value.
Image 1: VeChain (source: Watcher Guru)
Another analyst, CryptoBubi, has observed a pattern forming on the price chart — an ascending triangle, which traditionally points to a bullish breakout. A different analyst, Brain2jene, highlighted a particular candle pattern near the $0.0276 mark, describing it as a bullish indicator. He reckons if VET can climb above $0.0325, it might then head towards $0.0385 or even $0.0461.
Market Signals Show Mixed Sentiment
Looking at the chart, VET’s recent performance shows it might be struggling to find direction. The token had previously broken out of a downwards triangle back in April, which usually suggests an upward trend. It did see a price rise shortly after, but that rally was short-lived. Since then, the token has moved sideways.
At present, VET is trading near $0.0268, which marks a sharp daily decline. It appears to be caught between a support level around $0.0182 and resistance near $0.0352. This kind of sideways trading can point to uncertainty, as neither buyers nor sellers seem willing to take control.
Technical indicators back this cautious outlook. The MACD shows signs of weakening. Its histogram has slipped into negative territory, indicating selling pressure is building. Meanwhile, the RSI has dropped below the midpoint, sitting around 46—a sign that the market may not yet be ready for a strong move either way.
Thus, for VET to shift into a stronger position, it will need to stay above $0.025 and then move beyond $0.03 with solid trading volume. If that happens, the next target could be $0.035 and potentially higher. On the other hand, if it dips under $0.0255 and stays there, it could fall closer to the lower support near $0.0182, which would signal a more bearish trend.
Image 2: VET Chart (Source: TradingView)
Ecosystem Growth Adds to Long-Term Optimism
While short-term price action has been uncertain, VeChain’s team continues to work on expanding its blockchain ecosystem. A recent move involves the launch of the VeBetter Grants Program. This program provides funding to developers building projects on the VeChain network. Uniquely, the community now has a role in selecting which proposals receive grants, creating a more inclusive development process.
Another major achievement came with Mugshot, a decentralised application powered by VeChain, which recently surpassed one million users. The app encourages users to complete eco-friendly actions and has already helped prevent over 255,000 kilograms of carbon emissions. Nearly seven million sustainability tasks have been recorded through the platform.
In April, VeChain also announced a strategic roadmap called VeChain Renaissance. The plan includes several upcoming improvements that are expected to roll out over the year, aiming to expand blockchain use in real-world scenarios. The team is working on delivering tools and infrastructure that could make the network more attractive to developers and users alike.
Read Also: Ethereum Eyes Recovery as Dominance Rebounds and Open Interest Hits Record Levels
Further drawing attention to VeChain’s future plans is the addition of UFC President Dana White as an advisor. His role is expected to help bring VeChain into the spotlight across sports and entertainment sectors. With White’s network and influence, the project may find new supporters and partnerships, which could ultimately support the VET token.
While VET has recently faced downward pressure, upcoming events and ecosystem progress are keeping hopes high. The market is waiting to see whether the Stargate staking launch can renew investor interest and help the token shift towards a more positive trend.
