Share:
  • 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    

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.

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

Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI

Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI

Chainlink price has been on a tear for the last two weeks and has the potential for more upside. Radiant Capital price has breached a falling wedge and shows promise of further ascent. 

More Cryptocurrencies News

Week ahead: Fed speech and NFP likely to dictate crypto market moves this week

Week ahead: Fed speech and NFP likely to dictate crypto market moves this week

With the start of 2023’s fourth quarter, things are finally getting interesting in crypto. While the next 12 weeks are extremely important, let’s start by focusing on what to expect this week.

More Cryptocurrencies News

DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

Polkadot price trades inside a tight range above a critical support level of $3.98. The daily RSI produced a higher high, signaling a surge in bullish momentum and a potential breakout scenario. 

More Polkadot News

FLOKI sets stage for 30% rally

FLOKI sets stage for 30% rally

Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend. 

More Floki Inu News

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.

Read full analysis

BTC

ETH

XRP