VeChain (VET) price remains near $0.020 amid bearish pressure. Will it fall below $0.017, or rebound to $0.031?
Slight pullback Among the top cryptocurrencies, VeChain is holding on to the psychological barrier of $0.020. Struggling within a descending channel, there is a risk of falling to the key support level at $0.017.
VET Price Analysis
On the daily chart, VeChain’s price trend is trending down, forming a descending channel and reversing from the 38.20% Fibonacci level at $0.031. The waning bullish momentum has caused VeChain’s value to fall by 40% in the past month.
Currently, VeChain (VeChain) is trading at around $0.02099, having previously retreated from a 24-hour high of $0.02210. This has resulted in the formation of long shadows on the intraday candlestick chart, signaling a potential downtrend.
VeChain Price Chart
The MACD and signal lines are trending down in the negative territory, supporting the bearish outlook. Moreover, the daily RSI indicator is hovering between the oversold border and the midpoint, maintaining a bearish bias. Hence, the momentum indicator points to a bearish outlook for VeChain.
Based on the year-to-date low recorded on April 7, the Fibonacci levels suggest that the current price target is $0.017. However, if the price surpasses the $0.024 resistance, a reversal is likely, leading to a channel breakout and a possible retest of the 38.20% Fibonacci level at $0.031. .
VeChain Derivatives
The derivatives market remained quiet as VeChain held onto the psychological support level, with traders mostly staying on the sidelines. CoinGlass data showed that VET open interest rose slightly by 0.04% to $62.36 million.
However, liquidation data showed that long liquidations resulted in bullish traders losing $76,390 worth of long positions. In contrast, short positions were closed at just $2,000, suggesting that most of the positions being closed were bullish. This brought the long-short ratio down to 0.9459 over the past 24 hours, indicating that the number of active bearish positions outnumbered long positions.
