VeChain (VET) has broken out of a falling wedge pattern on its 4-hour Binance perpetual chart, signaling a potential bullish reversal. The breakout occurred around the $0.012 level, indicating a shift in short-term momentum. Following the breakout, the price pulled back to retest the previous resistance level, which is now expected to act as support around $0.0107. This retest is considered normal market behavior that could strengthen the breakout if the support holds.
Technical analysis suggests that if VET maintains support above $0.0107, the price could gradually advance toward the upper boundary of the previous wedge pattern, targeting approximately $0.018. However, a failure to hold this support would invalidate the bullish breakout scenario. As of the analysis, VET was trading around $0.0108 with a modest daily gain, reflecting cautious optimism among traders.
Simultaneously, VeChain continues to demonstrate its real-world utility in transforming global supply chains through blockchain technology. In a recent podcast, VeChain founder and CEO Sunny Lu discussed with industry expert Tom Raftery how the platform addresses behavioral barriers to sustainable supply chains through verifiable data and token-based incentives. Raftery emphasized that the main obstacle to sustainable operations isn't technology but behavior, arguing that immediate rewards are needed to motivate eco-friendly choices.
The VeChain platform uses blockchain for immutable product lifecycle tracking and smart contracts to reward environmentally conscious actions. Real-world applications include partnerships with PwC for wine tracking and initiatives where users earn rewards for charging electric vehicles at green stations or using reusable cups. The platform's sustainability-focused Web3 ecosystem, VeBetter, features applications like Mugshot (reducing single-use cup waste) and GreenCart (rewarding eco-friendly shopping).
Notably, VeBetter's $B3TR token recently received approval from the European Securities and Markets Authority (ESMA) under the EU's MiCAR framework, allowing for compliant expansion across European nations. This regulatory milestone comes amid increasing scrutiny of supply chain data and sustainability reporting requirements. UFC President Dana White's endorsement of VeChain and his reported $1 million VET holding adds to the project's visibility.
