VeChain (VET) is drawing renewed attention from traders as the broader crypto market shows signs of a potential breakout.
Currently priced at around $0.024, VET has seen declines of over 5% in the past 24 hours and more than 9% in the last week. However, leading analyst Michaël van de Poppe believes this downturn may be setting the stage for a significant move upward.
In a recent post on X, van de Poppe highlighted the possibility of an upcoming market-wide rally, stating that fundamentally strong projects like VeChain are well-positioned to capitalize. According to him, a key resistance lies at the $0.03 mark—if broken, it could signal the start of a fresh bullish trend.
The analyst also pointed to StarGate staking as a promising opportunity for VET holders seeking additional yield. Early Bird rewards for the program exceed $12 million, which could attract more users to participate while holding their tokens.
Despite the short-term weakness, VeChain continues to maintain a solid position with a market cap of over $2 billion and daily trading volume nearing $64 million. Momentum could return quickly if buying pressure increases and the $0.03 resistance is taken out.
For now, traders are watching the charts closely, waiting to see if VET can flip a key technical level and join other altcoins in a broader market uptrend.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/market/vechain-faces-crucial-test-at-amid-market-recovery-hopes/