- Vechain price remains bounded inside an ascending wedge pattern on the 4-hour chart.
- The digital asset hasn’t lost its uptrend despite the crypto market recent sell-off.
In the past 24 hours, close to $100 billion was wiped from the total market capitalization of the crypto industry. However, Vechain is one of the few coins that have managed to survive and continues trading inside an uptrend.
Vechain price needs to defend crucial support level to see another leg up
On the 4-hour chart, Vechain has been trading inside a robust uptrend since January 11. The digital asset has established an ascending wedge with a support trendline located at $0.03. This level must be defended by the bulls in order to avoid a stronger pullback.
VET/USD 4-hour chart
A rebound from the $0.03 support level would push Vechain price back to the top of the pattern at $0.035. A breakout above this significant resistance level can drive VET to a new high of $0.048.
However, a breakdown below the $0.03 support level would also push Vechain price down by 37% and slightly below the psychological level at $0.02. Considering the entire crypto market has seen a massive sell-off in the past 24 hours, Vechain could be next.
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.