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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.