thecryptobasic.com
With the 36% price drop in the Vechain (VET) price struggling to hold bullish dominance at $0.020, the altcoin could experience further downfall. Will the breakdown rally hit 0.016?
Amid a bear market, Vechain struggles to display resilience as the tsunami of incoming supply crashes altcoins. With the ongoing crash in the VET token gaining momentum, buyers are losing grip over the crucial $0.020 level.
Will a bearish breakdown of $0.020 result in an extended correction spree in Vechain or will the lower price rejection result in a bounce back ahead?
Vechain Struggles At $0.020 As Market Crashes
With the ongoing negative cycle in the daily chart from the overhead trendline gaining momentum, Vechain is in a free fall. Further, the negative cycle in the VET price trend shows a streak of bearish candles, accounting for a 36% drop.
The downfall eliminates the chances of a double-bottom reversal from the $0.022 base. As the market crashes, the Vechain price records an intraday drop of 11% while most coins decline by more than 20%.
Currently, Vechain trades at $0.020, with the daily candle reflecting demand at the psychological level with a tail formation.
The daily RSI line drops under the oversold boundary line and trends at 22%. Thus, over the last 14 days, 78% of the moves in Vechain have been bearish. Further, the increasing bearish influence results in a bearish crossover of the 50D and 100D EMA.
Will Vechain Make a Comeback?
Struggling at the $0.020 psychological cushion, Vechain stands at a crossroads. The next decisive trend in the VET price depends on the broader market movement.
With the US markets opening shortly, the BTC price trend in the opening hours will determine the future of altcoins. A prolonged crash under $50K will drop Vechain to the next support level at $0.016.