- Vechain price tanks 4% intraday on Wednesday as altcoins take a turn for the worse.
- VET bulls are betting on crucial support to come in and halt the bear push.
- Should price action break below, a 27% bear market could be activated.
Vechain (VET) price action has bulls hanging in the ropes as the altcoin is very near to falling into bear market territory. The continuous sell offs occur as cryptocurrencies see more negative setbacks from the Silvergate Capital debacle and proves to be a big challenge for investors. Faith in altcoins is broken again, with a decline to $0.017 at risk.
Vechain bulls are getting a cold shower as bear market fears loom
Vechain price is tanking yet again after bulls already had to give up on the green ascending trend line and the 55-day Simple Moving Average (SMA). With already two strikes, the third one could be the final straw that ends the game for bulls. Just like in baseball, bulls could get a third strike and enter a bear market.
VET sees bulls trying a hail mary as only the 200-day SMA and the monthly S1 support level are gearing up near $0.022 as the last line of defense. With bearish pressures mounting, bulls need to get out once that level breaks down. The most accurate projection from the chart is that price action in VET can tank as much as 27% towards $0.017.
VET/USD 4H-chart
A bounce to the upside would make sense here, seeing that the Relative Strenght Index (RSI) is again nearly oversold. Some upside moves could be seen hitting $0.025, with this time the 55-day SMA as resistance on the top side. In that case, a nice gain of roughly 11% would be at hand for bulls to feast on.
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.
Recommended Content
Editors’ Picks
Ripple faces growing downside risks threatening potential return to $3
Ripple (XRP) price hovers at around $2.31 on Monday, extending its gradual drawdown from last week’s high of $2.65, as the broader cryptocurrency market swings between gains and losses amid shifting investor sentiment.
EOS uptrend falters ahead of token swap despite Vaulta’s DeFi TVL soaring to $246 million
EOS price slides on Monday to approximately $0.75, erasing a minor uptick on Sunday, while extending the drawdown from the May 10 high at around $0.99. The EOS network rebranded to Vaulta in the first quarter, paving the way for a web3 banking platform.
Bitcoin gives up weekend gains, signaling potential bull trap as momentum weakens
Bitcoin dips to around $103,000 on Monday, wiping out Sunday's gains and raising concerns of a short-term correction. Metaplanet adds 1,004 BTC to its treasury, while spot Bitcoin ETFs saw $603.74 million in net inflows last week.
Virtuals Protocol Price Forecast: VIRTUAL set to extend losses as triple top formation emerges
Virtuals Protocol (VIRTUAL) price drops over 10% at the time of writing on Monday, trading around $1.78 following a failed attempt to break above a key resistance level over the weekend.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.