VET price chugs up 4% in 24 hours, hovers near $0.026 with bullish momentum
Staking locks 4.75B VET, reducing liquid supply and supporting rally
Key resistance stays at $0.02696, while support holds firm at $0.02480
VeChain price is trading at $0.02597 after a 4.08% daily gain and 10.39% weekly rise. It is gaining traction as supply-side constraints and institutional moves boost confidence. Its market cap has risen to $2.23 billion with trading volume spiking 201.67% to $152.3 million in mere 24 hours.
Wondering where the fuel came from? The rally stems from VeChain’s StarGate staking program, which has locked over 4.75 billion VET worth about $125M since July 1. And also distributing 5.48 billion VTHO as rewards. Additional credibility comes from VeChain’s custody partnership with BitGo and its integration into Franklin Templeton’s $780 million tokenized fund.
VET Price Analysis
VET price broke above its July downtrend on August 10, entering a rising price channel supported at $0.02480. The breakout triggered algorithmic buying and short squeezes, amplified by $577k in spot inflows in early August. Currently, traders are eyeing $0.02696, which is the 50% Fibonacci retracement level.
On the 4-hour chart, Bollinger Bands show price pressing the upper band near $0.0269. This is while the RSI at 62 indicates bullish momentum but not yet extreme overbought conditions. That being said, a sustained close above $0.02696 could open the door to $0.028, while failure to hold above $0.02480 may trigger consolidation toward $0.02345.
The upcoming August 25 on-chain report on staking participation and VTHO burn will be critical. High participation and strong burn rates would reinforce scarcity conditions, supporting higher prices. However, profit-taking near $0.027 remains a short-term risk as traders lock in recent gains.
FAQs
The StarGate staking program has locked billions of VET, cutting liquid supply and driving algorithmic buying pressure.
Immediate resistance sits at $0.02696, with a breakout target of $0.028. Strong support is at $0.02480.
Yes. Partnerships with BitGo for custody and Franklin Templeton’s tokenized fund have improved its credibility, particularly with ESG-focused investors.
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