Is the new partnering-up strategy the right way for Vechain price to avoid a 30% correction?


Share:
  • Vechain price undergoes firm rejection on the topside this week.
  • VET set to tank as bears took over from bulls last week.
  • With several new partner announcements and team-ups, VET tries to change and find synergies.

Vechain (VET) price had a busy week as several new partnerships were announced. Next to integrating with Dappradar to promote cross-chain visibility, the partnership with Boston Consulting Group might be the one that draws the most attention. Vechain price though is not taking this news in a good way and rather is at risk of tanking further.

Vechain price at risk of breaking important support below

Vechain price has had a rough ride this week as initially it was on the verge of breaking above the 55-day Simple Moving Average (SMA) earlier this week. Instead, both Bitcoin and altcoins have taken a step back and tanked across the board toward Friday. The financial crisis is spilling over into altcoins as the SVB collapse sets an example of whether the US deposit guarantee scheme backs crypto-deposits.

VET, though, has tried to stem investors positivity by announcing a string of new partnerships. Investors pushed price action lower and were flirting with a break below the 200-day SMA. Should the 200-day SMA be broken and new lows are underway next week, expect a long-term selloff that could bring Vechain price towards $0.016.

VET/USD  weekly chart    

VET/USD  weekly chart    

Trust could start to restore as no real issues were being mentioned this week, and that would put the spotlight back on the broad partnerships Vechain has signed up for. Vechain price could be seen flirting with breaking the 55-day SMA to the upside. Although it is quite far away, VET may get revalued at $0.035 once the partnerships start to pay up.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin, Ethereum prices struggle after mixed US NFP data

Bitcoin, Ethereum prices struggle after mixed US NFP data

BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.

More Cryptocurrencies News

Solana: A break above $26.30 would spell doom for bears

Solana: A break above $26.30 would spell doom for bears

SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.

More Solana News

Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish

Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.

More Bitcoin News

China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols

China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols

Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.

More Cryptocurrencies News

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend. 

Read full analysis

BTC

ETH

XRP