|

VeChain Price Forecast: VET remains bullish despite crypto market slump

  • 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 price

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.

Author

Lorenzo Stroe

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.

More from Lorenzo Stroe
Share:

Editor's Picks

 Top 3 Price Prediction: BTC consolidates gains, ETH defends support, XRP nears breakout trigger

Bitcoin, Ethereum and Ripple begin the week on a constructive note as the top three cryptocurrencies attempt to extend rebounds after recovering nearly 4%, 2% and 2.6%, respectively. BTC steadies around $65,600, ETH continues to hold firmly above the key $1,700 support, while XRP nears the upper boundary of the falling channel pattern.

Ethereum Price Forecast: ETH struggles below $1,700 amid subdued on-chain users and capital outflows

Ethereum rises, albeit gradually, toward $1,700. The smart contract token reflects a marginal increase in buyers seeking to re-engage at lower price levels, following the massive drawdown from mid-May, which was largely driven by geopolitical tensions in the Middle East and macroeconomic uncertainty.

XRP clings to support as derivatives interest cools

Ripple hangs on to $1.14 support, extending its rebound from its early-week support at $1.10 and June’s low of $1.05. Maintaining this short-term support level is vital for the remittance token to preserve its bullish momentum, with a decisive breakout above $1.20 likely to signal further upside potential.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows
The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels. Bitcoin hovers around $63,500 amid a capped upside. Ethereum eyes a breakout past $1,700, while XRP hovers above $1.40.
Experts agree: Bitcoin nears bottom, but weak demand raises doubts
Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.