VeChain price could drop another 20% as crypto markets continue to tumble
- VeChain price saw an 11% correction on October 28.
- This descent comes as Bitcoin slipped under $60,000, triggering an altcoin market collapse.
- VET is likely to drop another 20% to $0.10 before it begins to comprehend a reversal.
Vechain price saw a massive uptrend from September 29 but hit a ceiling on October 26. Since this point, VET has kick-started a descent due to the recent altcoin market crash and hints that a further correction is on its way.
VeChain price has more to shed
VeChain price set up a swing high at $0.148 on October 26, making it the third swing point in the $0.15 range. This development suggests the formation of a top reversal setup known as a triple top.
This technical pattern forecasts a trend reversal. Therefore, investors can expect VeChain price to drop 20% to the immediate support level at $0.10. However, this downswing could overextend as sell orders cascade, pushing VET to the demand zone ranging from $0.082 to $0.094.
A dip into this area will likely rejuvenate the buying pressure for VeChain price, restarting the efforts to reverse the downswing. However, market makers could push VeChain price below $0.082 to collect liquidity.
Although a reversal of the bear rally is plausible here, a decisive daily close should see VET head toward the range low.
VET/USDT 1-day chart
On the other hand, if VeChain price produces a bullish momentum, pushing VET to produce a decisive daily close at or above $0.132, it will signal the buyers are ready for a comeback. A confirmation of this outlook can be obtained if VeChain price produces a daily close above $0.148.
In that case, investors can expect VeChain price to make a run at the trading range’s midpoint at $0.167.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
