Vechain Price Forecast: VET at risk of a 15% drop as key indicator flashes sell signals
- Vechain price is up by 50% in the past two days, having hit $0.0482.
- The digital asset is on the verge of a significant correction as a key indicator has presented a strong sell signal.
- VET could fall as low as $0.038 in the short-term as there is not a lot of support on the way down.
Vechain price had a massive rally in the past two days, jumping by 50% and reaching a high of $0.0482 without stopping. However, a key indicator has just presented several sell signals, which indicate the digital asset is poised for a pullback.
Vechain price can quickly drop towards $0.038 as selling pressure continues mounting
On the 4-hour and 12-hour charts, the TD Sequential indicator has presented two sell signals and one ‘8’ green candlestick on the 6-hour chart, which will most likely transform into another sell signal.
VET Sell Signals
These three sell calls are significant and likely to push Vechain price down to at least the 12-EMA on the 4-hour chart at $0.042. If this level can’t hold, the next potential target is $0.038, which is the 26-EMA.
VET/USD 4-hour chart
The Fibonacci Retracement tool on the 4-hour chart also gives a similar target at $0.043, which is the 78.6% level and $0.038 at the 50% level. On the other hand, if bulls can push Vechain price above the previous high at $0.048, it will invalidate the bearish outlook and can push the digital asset towards $0.053, which is the 127.2% level, and up to $0.06, which is the 161.8% level.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
