VeChain has followed the general sentiment in the market and it’s currently trading in the green. Its 24-hour profits stand at 7.8% with VET’s price exchanging hands at $0.053.
Similar Reading: VeChain Foundation Announces a New Stablecoin. Could This Create a Fresh Demand for VET?| VeChain Foundation Announces New Stablecoin, Could It Create Fresh Demand For VET?
Justin Bennett, an analyst at VeChain posted a YouTube video recently. He noted that VeChain’s recent sell-off seems to be slowing. As seen below, on the weekly timeframe, the analyst believes VET’s price is yet to come out of the wood.
VeChain fell below the $0.060 mark, breaking an important trendline. Given the relentless selling pressure that led to a breakdown in that structure, Bennet believes “the market doesn’t look all that great”.
Bears will continue pushing the price towards critical support as long VET cannot break out of its current levels. VeChain has to regain the $0.060 mark in order to give bulls a chance of a return to their previous highs. Bennett said:
To move from $0.10 to $0.12 it would have to end the day higher than $0.0650. I recommend that you be cautious until that time and that you realize the current downtrend is not over.
The analyst concluded that $0.0350 could be used as support in the event of any further downturn. This area served as an early support and key support in the event of a crypto market decline.
| VeChain Foundation welcomes a new DEX to its Ecosystem
VeChain’s (VET), at this moment, is in a critical crossroad that will determine the price of its future actions.
Potential Scenarios For VeChain (VET)
In addition to $0.065, $0.035 will be a “level to pay attention to” in case a new lower high comes into play. If this level remains, investors may have an area of opportunity for accumulation.
Bennett stated that the next scenario could look very similar and include a push into resistance for VeChain, Bitcoin (BTC) or Ethereum (ETH). He expects these levels to prove difficult to break, and that will decide if VET continues its climb to $0.08 or $0.03.
VeChain’s DEX To Launch Governance Token And Yield Farming Program| VeChain’s DEX To Launch Governance Token And Yield Farming Program
VET and BTC have formed an ascending triangle in the VET/BTC weekly timeline. This has just reached critical support, which could serve as support for the potential resistance move in the next days.
