- VeChain fell nearly 9% after the Interstellar mainnet upgrade, but VET remains above key moving averages.
- VET is consolidating between $0.008674 support and $0.009227 resistance as traders watch for the next breakout.
VeChain (VET) fell 8.96% as traders reacted to the latest Interstellar mainnet upgrade and its impact on short-term price action. Despite the decline, VET remains above its 20-day, 50-day and 200-day moving averages, keeping the broader technical structure bullish.
VeChain Upgrade Brings Full EVM Equivalence
VeChain completed the Interstellar mainnet upgrade on September 16, 2024, introducing full Ethereum Virtual Machine (EVM) equivalence. The upgrade allows developers to deploy Ethereum smart contracts on VeChain without modifying the code.
The change could make it easier for developers to build on VeChain while expanding its potential use in enterprise applications. The network continues to target areas such as supply chain management, product traceability and real-world asset tokenization.
However, the upgrade has not prevented short-term selling in VET. The price is currently around $0.009312 after falling nearly 9%.
VET Holds Above Key Moving Averages
VET remains above its 20-day moving average at $0.007774, 50-day average at $0.006382 and 200-day average at $0.006156. This keeps the longer-term trend structure positive despite the recent decline.
Immediate support sits at $0.008674, while resistance is around $0.009227. A break above the resistance level could open the way toward $0.010895, according to the technical outlook in the source analysis.
Momentum indicators are mixed. The MACD and ADX continue to point to bullish conditions, while the RSI at 64.46 shows that buyers still have an advantage. The CCI reading of 167.09, however, indicates that VET remains in overbought territory.
Analysts cited in the source expect VET to remain volatile around the current levels. Anton Kharitonov warned that a break below $0.008674 could expose VET to a move toward $0.0075765, while Viktoras Karapetjanc expects the upgrade and existing support to help buyers push the price toward $0.010895.
For now, VET is consolidating between $0.008674 and $0.009227. The next break from this range could provide a clearer signal about the direction of VeChain’s next move.
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