With a 36% drop in Vechain (VET) price struggling to maintain bullish support at $0.020, the altcoin may face further declines. The ongoing bear market has hit Vechain hard, with an influx of supply putting pressure on altcoins.
As the VET token’s decline continues, buyers are finding it difficult to hold the crucial $0.020 level. Will this bearish breakdown lead to a prolonged correction for Vechain, or will the lower price rejection trigger a bounce back?
Vechain Faces Continued Downward Trend
With the ongoing negative cycle in the daily chart, driven by the overhead trendline, Vechain is in a free fall. The VET price trend shows a series of bearish candles, leading to a significant 36% drop. This decline negates any chance of a double-bottom reversal from the $0.022 base.
As the market crashes, Vechain records an intraday drop of 11%, while most other coins decline by more than 20%. Currently, Vechain trades at $0.020. The daily candle indicates some demand at this psychological level, as evidenced by the tail formation.
The daily RSI line has fallen below the oversold boundary, now trending at 22%. Over the last 14 days, 78% of Vechain’s movements have been bearish. Additionally, the increasing bearish influence has led to a bearish crossover of the 50-day and 100-day EMAs.
Vechain at a Critical Juncture
Struggling at the $0.020 psychological cushion, Vechain stands at a crossroads. The next decisive trend in the VET price depends heavily on the broader market movement.
With the US markets opening shortly, the BTC price trend in the opening hours will play a crucial role in determining the future of altcoins. A prolonged crash under $50K could drop Vechain to the next support level at $0.016.
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