- VET price dropped as much as 22% in crypto market correction witnessed on October 28.
- VeChain is likely to drop another 34% to $0.0825 before restarting the uptrend.
The VET price dropped 11% from $0.14033 to $0.12364 in a crypto market dip witnessed on Wednesday October 27. VeChain lost as much as 22.8% from a high of $0.15177 on October 26 to yesterday’s intra-day low around $0.11711. VeChain’s technical pattern hints at further losses.
VET Price Risks Losing 34% of its value
The VeChain price has been on an uptrend rising a massive 82% from $0.08255 on September 30 to hit a high of $0.15086 on October 25. During this rally, the VET price has spelt out an ascending parallel channel chart pattern on the daily chart. This chart pattern is formed when an asset makes a series of higher highs and higher lows over an extended period of time.
At the time of writing VeChain price trades within the confines of the rising channel at $0.12586. It sits on strong support around $0.11855 where the 200-day Simple Moving Average (SMA) coincide with the lower boundary of the prevailing chart pattern.
Note that a slip below this crucial level could see the asset slide below the rising channel to tag the 50- and 100-day SMAs at $0.11947 and $0.11855 respectively.
Increased selling pressure could see the VeChain price tank below the 0.10 psychological level towards the demand zone ranging from $0.08255 and $0.09540. This would represent up to 34% drop from the current price.
VET/USD Daily Chart
The sharp movement of the Relative Strength Index (RSI) Indicator away from the overbought zone validates VeChain’s bearish outlook.
On the upside, if VET price bulls push a decisive daily close at or above $0.130 psychological level, it will signal the buyers are back in town. A confirmation of a bullish breakout can be obtained if VeChain produces a daily close above $0.140 above the middle boundary of the ascending parallel channel.
If that happens, investors can expect this bullish momentum and other positive fundamentals to push the VET price towards the channel’s top point at $0.16204.
- Ripple Objects To SECs Request To Buy More Time Following Recent Court Ruling
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?