VeChain (VET) Price Slips Within Descending Channel, More Downside Ahead?
- VeChain (VET) remains in a clear bearish trend with lower highs and lower lows dominating the chart.
- Price is struggling below key resistance at $0.0262, with minor support at $0.0235.
- Bollinger Bands suggest possible oversold conditions, but bullish momentum is still weak.
- A breakout above the descending channel could shift market sentiment if confirmed.
VeChain (VET) candlestick chart shows a clear bearish trend, with sustained downward momentum dominating the market. After an initial sharp decline, VET saw a brief recovery attempt, but bullish efforts quickly lost strength, failing to establish a meaningful reversal.
This consistent pattern of lower highs and lower lows reflects strong selling pressure, indicating that the market remains firmly in bearish territory. While there were minor upward moves, they lacked the volume and momentum needed to shift the overall sentiment, highlighting ongoing caution among traders and investors watching VeChain closely.
VETs trading volume stayed relatively stable, with slight increases during periods of intensified selling activity. Despite occasional small green candles suggesting brief moments of stabilization, VeChain continues to face downward pressure without clear signs of a confirmed turnaround.
VeChain Faces Resistance Wall, Eyes Potential Reversal
VeChain (VET) has entered a corrective phase, sliding into a descending channel on the 4-hour chart. As of the latest session, VET is trading around $0.0243, marking a modest gain of 0.55%. The recent price action shows the asset struggling to maintain upward momentum after failing to hold above the key resistance level of $0.0262.
The chart reveals two significant support areas that traders are closely monitoring. The immediate support lies at approximately $0.0235, which has temporarily cushioned recent declines. Below that, a stronger support zone between $0.0218 and $0.0225 could serve as a deeper safety net if the current downtrend extends further.
On the resistance side, bulls face a critical test at the $0.0262 level, and a successful breakout above this could open the door to a retest of the $0.0282 area. Both levels are seen as pivotal in determining whether VET can shift back toward a bullish stance.
Technical indicators offer a mixed outlook. The Bollinger Bands suggest that VET is nearing oversold territory, potentially hinting at an upcoming bounce. However, the price continues to hover near its 20-period Volume-Weighted Moving Average (VWMA), reflecting hesitant bullish engagement for now.
While the short-term outlook remains bearish within the descending channel, a breakout above the upper boundary of this channel could serve as a catalyst for renewed buying interest. Until such a move occurs, market participants are watching the lower green support zone as a possible accumulation area in case of further price weakness.
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Read more: https://www.tronweekly.com/vechain-vet-price-slips-within-descending-channel-more-downside-ahead/
Text source: TronWeekly
