#VeChain (VET) is holding near the $0.020 level amid bearish pressure. Will it break below $0.017 or bounce back toward $0.031?
With a minor pullback among top cryptocurrencies, VeChain is holding its ground at the $0.020 psychological mark. Struggling within a falling channel, it risks a potential drop to crucial support at $0.017.
VET Price Analysis
On the daily chart, VeChain’s price trend reflects a decline forming a falling channel pattern as it reverses from the 38.20% Fibonacci level at $0.031. The declining bullish momentum has fueled a 40% drop in VeChain’s value in just over the past month.
At present, VeChain trades at approximately $0.02099 after facing rejection from its 24-hour high of $0.02210. This has resulted in a long wick formation on the intraday candle, signaling a potential downtrend.
Supporting the bearish outlook, the MACD and signal lines are trending downward within negative territory. Additionally, the daily RSI hovers between the oversold boundary and the midpoint, maintaining a bearish bias. Hence, momentum indicators project a bearish view for VeChain.
Fibonacci levels suggest the immediate price target is $0.017, based on the year-to-date low recorded on April 7. However, a potential reversal leading to a channel breakout could retest the 38.20% Fibonacci level at $0.031 if the price exceeds the $0.024 resistance level.
VeChain Derivatives
As VeChain clings to psychological support, the derivatives market remains quiet, with traders mostly on the sidelines. CoinGlass data shows VET open interest has seen marginal growth of 0.04%, reaching $62.36 million.
However, liquidation data reveal a wipeout of bullish traders worth $76,390 in long liquidations. In contrast, short liquidations were just $2,000, indicating that most wiped-out positions were bullish. This has lowered the long-to-short ratio to 0.9459 over the past 24 hours, indicating that active bearish positions outnumber long positions.
