Market Overview for VeChain/Tether (VETUSDT): Consolidation Amid Key Technical Levels

• VeChain/Tether (VETUSDT) traded in a narrow range, consolidating near a key psychological level amid mixed momentum signals.
• Volume remained elevated during the overnight Asian session, indicating lingering interest despite indecisive price action.
• The RSI suggested potential overbought conditions as the pair approached the upper Bollinger Band, signaling a possible pause.
• A failed bearish breakout below 0.01543 in the early hours of the session failed to gain traction, indicating strong near-term support.
• A series of higher lows from 0.01543 to 0.01577 suggests a potential bullish bias in the near term, though a break below 0.01543 could trigger further bearish sentiment.

The VeChain/Tether (VETUSDT) pair opened at $0.0158 on 2025-10-31 at 12:00 ET and closed at $0.01626 on 2025-11-01 at 12:00 ET. The 24-hour high reached $0.0163, while the low was $0.01539. Total volume for the period was approximately 114,765,189.35 units, with a notional turnover of $1,809,912.56. The price has been trading within a defined range, with support anchoring near $0.01543 and resistance forming at $0.0158–$0.0159.

The 15-minute chart reveals a pattern of consolidation, with the price failing to break through key psychological levels in both directions. The 20-period and 50-period moving averages are closely aligned, suggesting a neutral bias. However, the price has been testing the 20-period moving average multiple times, hinting at potential bullish accumulation. The 50-period moving average remains above the 20-period, but the gap is narrowing, which could signal an eventual shift in trend.

On the momentum side, the RSI is currently hovering near overbought territory at around 62–65, indicating a potential pause or pullback before a resumption of upward momentum. The MACD line is positive and rising, suggesting continued bullish pressure, but the histogram is flattening, signaling caution. Bollinger Bands show a moderate expansion, with the price sitting near the upper band in the latter half of the 24-hour period. This suggests heightened volatility and a potential test of key resistance levels ahead.

Volume activity was most concentrated during the Asian and European sessions, with notable spikes observed in the early morning and midday. Notional turnover and volume were positively correlated, suggesting genuine buying interest during these periods. However, there was no clear divergence between price and turnover in the last 6 hours, which may indicate that momentum remains intact.

Backtest Hypothesis

The backtest hypothesis for this period involves identifying and validating the effectiveness of a Bullish Engulfing candlestick pattern as a buy signal for VETUSDT. This pattern occurs when a large bullish candle completely engulfs a preceding bearish candle, suggesting a potential reversal in sentiment. However, the dataset returned an empty result set when attempting to screen for such patterns, likely due to either a missing exchange code or a lack of occurrences under the current settings. To refine this strategy, a retry with an explicit exchange code (e.g., “BINANCE:VETUSDT”) is recommended to ensure accurate detection. Alternatively, if a list of potential Bullish Engulfing signals can be provided from another source (e.g., TradingView or a backtesting platform), the strategy could be tested directly using those timestamps. This would allow for a more precise evaluation of whether the pattern reliably generates profitable entries in this low-volatility environment.