- VeChain price finds buyers near $0.08.
- Extremely bearish Ichimoku signals could generate traps for bulls and bears.
- A possible intraday fakeout could drive VeChain lower.
Vechain price closed its Tuesday candlestick with some very bearish Ichimoku conditions. However, buyers have stepped in to support price, but there needs to be more conviction on the buy-side; prices are likely to continue south.
VeChain price finds short term support; buyers under threat of being trapped
VeChain price is in one of the most precarious conditions it’s been in since early June 2021. The Chikou Span closing below the Cloud is often the primary and final trigger to define when an instrument converts into a bear market. The Chikou Span closing below the Cloud occurred on the Tuesday candlestick close.
Some short-term support, however, has come in at the $0.08 level. The $0.08 level contains two robust Fibonacci levels: the 61.8% Fibonacci retracement and the 100% Fibonacci expansion. However, within the Ichimoku system, no support now exists on the daily chart. Thus, VeChain prices are likely to continue their road south.
The next area of support for VeChain price is the $0.06 level which contains the weekly Senkou Span A and the 161.8% Fibonacci expansion. A high-volume node in this value area will also yield some support near $0.06. Don’t be surprised if the $0.05 levels get a small test as well.
VET/USDT Daily Ichimoku Chart
If bulls want to invalidate the heavy bearish bias, they’ll need to push VeChain price to significant breakout levels. The first would be a clear close above the Tenkan-Sen and a return inside the Cloud to hold Senkou Span B support ($0.10). Beyond that, bulls ultimately need to close VeChain price and the Chikou Span above the Cloud near the $0.13 value area.
Like this article? Help us with some feedback by answering this survey:
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks

Crypto Today: SHIB, Pi Network and DOGE emerge as top gainers as Bitcoin crosses $2T market cap
Bitcoin price hits $105,800, claiming the $2 trillion valuation milestone, after US and China confirmed a temporary trade agreement to lower tariffs. Shiba Inu, Pi Network and Dogecoin emerge as top gainers among the 20 main crypto assets.

Dogecoin price 40% surge tests crucial resistance amid easing trade tensions
Dogecoin (DOGE) rally gains bullish momentum to exchange hands at $0.25 at the time of writing on Monday. Since the tariff-triggered crash on April 7, the largest meme coin by market capitalization has edged higher on easing trade tensions.

Bitcoin Price Forecast: BTC edges closer to all-time high as US-China trade deal cheers markets
Bitcoin price stabilizes around $104,000 on Monday after rallying 10.44% the previous week. Risk-on gains traction as the US and China agree to major tariff reductions for 90 days.

Sui eyes new record high as network redefines AI, gaming and DeFi
Sui price tests above $4.00 for the first time since early February, upholding a broad-based bullish momentum. Sui is crafting a new ecosystem, redefining how builders and users interact with AI, Gaming and DeFi.

Bitcoin: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.