VeChain (VET) Might Plunge to $0.0825 with Lingering Market Dip
- The 28 October crypto market correction had VET dropping by nearly 22%.
- VeChain appears ready for another 34% plummet to $0.0825 before resuming its upsurge.
VeChain (VET) witnessed its price dropping 11% to $0.12364 from $0.14033 amid the cryptocurrency market dip seen on 27 October. Meanwhile, the altcoin lost almost 22.8% from 26 October high at $0.15177 to $0.11711, yesterday’s low. VET’s technical formation shows further plummets in the upcoming sessions.
VET Might Lose 34%
VeChain has recorded upsurges, gaining a massive 82% to 25 October peak of $0.15086 from 30 September at $0.08255. With that rally, VET printed an ascending channel formation on its daily chart. Keep in mind that this chart pattern comes when a cryptocurrency sees multiple higher lows and higher highs.
While writing this content, VET trades confined in a rising price channel near $0.12586. The altcoin hovers on massive support at $0.11855. Remember, the 200-day SMA coincides with the prevailing chart formation’s lower border.
Keep in mind that a plunge under this critical zone might have the coin dropping under the rising price channel, tagging the 50-day ($0.11947 and 100-day ($0.11855) Simple Moving Averages.
Amplified selling momentum might see VET price dropping under the psychological level of $0.10 towards the demand region that ranges from $0.08255 to $0.09540. That would translate to a 34% plummet from the coin’s current price.
VET-USD Daily Price Chart
Meanwhile, if the Relative Strength Index sees a sharp move out of the overbought territory, it will confirm the bearish narrative. On the other hand, if bulls print a significant-close beyond the psychological level at $0.130, it will confirm buyers’ arrival. Meanwhile, only a daily close beyond $0.140 will suggest a bullish breakout.
If such a scenario occurs, market participants can expect positive fundamentals plus this bullish pressure to push VeChain high to the channel’s upper level at $0.16204. For now, most of the cryptocurrencies trade lower as the space sustained a bloodbath since Bitcoin dropped under its psychological level at $60K. However, analysts believe that the dominant coin has the momentum to push higher. If BTC records higher highs, altcoins, including VET, will revive their trends, exploring high levels.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
