VeChain (VET) is consolidating within a bearish descending channel, with prices hovering near $0.0068 amid muted cryptocurrency market activity. A 2.9% daily drop and a 9.6% weekly decline reflect persistent selling pressure, though trading volume has edged up 2.73% to $21.14 million.
Technical analyst Jonathan Carter notes the token is testing a critical support zone. A rebound from this level could ignite short-term recovery momentum, targeting resistance levels at $0.015, $0.055, and ultimately $0.16—contingent on sustained buying volume breaking the long-term downtrend.
The market cap now stands at $585 million, down 2.9%, as bears maintain control. Traders are awaiting confirmation of a trend reversal, as the current price action remains firmly within the channel's confines.
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