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VeChain Plunges Amidst Market Drop: VET Tests Crucial Level

VeChain Plunges Amidst Market Drop: VET Tests Crucial Level

  • VeChain (VET) experiences a sharp 36% price decline, testing critical support at $0.020.
  • Technical indicators suggest bearish momentum, with potential for further downside.
  • Market sentiment and Bitcoins performance may dictate VETs short-term trajectory.

VeChain (VET) finds itself caught in the throes of a market-wide downturn, grappling with a staggering 36% price erosion.

This dramatic devaluation has thrust the altcoin into a precarious position, teetering on the brink of a crucial support level at $0.020. 

VeChain paints a bearish picture

VeChains price chart paints a grim picture, with a relentless succession of red candles forming a formidable downtrend. This bearish onslaught has effectively erased hopes of a double-bottom reversal pattern that bulls had pinned their hopes on at the $0.022 mark.

In the face of this selling pressure, VET has managed to limit its intraday losses to 11%, a small consolation as other digital assets reel from even steeper declines.

As trading volumes surge, all eyes are fixed on the psychologically important $0.020 level. This price point has emerged as a battleground between bulls and bears, with the daily candles lower wick hinting at a glimmer of buying interest.

However, the sustainability of this support remains in question as market participants brace for potential further volatility.

A deeper dive into VeChains technical indicators reveals a landscape dominated by bearish signals. The Relative Strength Index (RSI) has plummeted below the oversold threshold, registering a dismal reading of 22%.

This metric suggests that over three-quarters of recent price action has been skewed towards the downside, painting a bleak picture for short-term recovery prospects.

Adding to the technical woes, VeChains moving averages have aligned in a bearish formation. The 50-day and 100-day Exponential Moving Averages (EMAs) have executed a bearish crossover, a development that often presages prolonged downtrends.

This convergence of longer-term indicators reinforces the negative sentiment surrounding VETs price action.

Read more: https://thenewscrypto.com/vechain-plunges-amidst-market-drop-vet-tests-crucial-level/

Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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