VeChain Breaks Above Year-Long Trendline in Cautiously Bullish Move
The price of VeChain (VET) has increased by 26% this week after breaking above its year-long descending trendline. This line had previously rejected every recovery attempt for eight straight months, with VET's price rising from $0.0044 to a high of $0.0069 before pulling back slightly.
The Interstellar protocol upgrade is set to be implemented on September 16, aiming to improve EVM compatibility and DeFi/DEX adoption. However, the setup for this bullish trendline is not yet fully confirmed, as much of the move appears to be driven by positioning rather than a confirmed bottom.
VeChain's derivatives volume has seen a significant jump of 152.25%, but longs still took the bulk of today's liquidations, indicating elevated market risk for traders.