Bitcoin

VeChain

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 <a href="https://cryptosheadlines.com/dogecoin-price-bounces-back-following-2023s-biggest-doge-shorting/" rel="noopener noreferrer nofollow">price rejection trigger a bounce back</a>?<img src="https://academy-public.coinmarketcap.com/optimized-uploads/be1d32c77dc945ae97745e011f8d944a.png" /><h3 id="vechain-faces-continued-downward-trend">Vechain Faces Continued Downward Trend</h3>With the ongoing negative cycle in the daily chart, driven by the overhead trendline, Vechain is in a free fall. The VET <a href="https://cryptosheadlines.com/matic-price-poised-for-surge-despite-bearish-trends-heres-what-you-can-anticipate/" rel="noopener noreferrer nofollow">price trend shows a series of bearish</a> candles, leading to a significant 36% drop. This decline negates any chance of a double-bottom reversal from the $0.022 base.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/eba3568b6da844a5a3ae64ad4a77b07e.png" />Vechain Price Chart_TradingViewAs 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.<h3 id="vechain-at-a-critical-juncture">Vechain at a Critical Juncture</h3>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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/be1d32c77dc945ae97745e011f8d944a.png" />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.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5718b92be906490da468c6436d104cd5.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Vechain Weakness at $0.020 Signals Possible Drop to $0.016

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