đ VeChain Price Drops Below $0.027: Is the Bullish Pattern at Risk?
VeChain has dipped below the $0.027 support level, risking the invalidation of the bullish inverse head-and-shoulders pattern.
Will the trend reverse, or is a deeper breakdown on the horizon? While altcoins gain momentum following Ethereumâs move above $2,700, VeChain struggles to benefit from the broader market tailwinds.
With an intraday pullback of nearly 1%, VeChain may fail to form a bullish pattern, reducing the chances of a strong recovery.
đž VeChain Price Analysis
On the daily chart, VeChain has fallen below the 23.60% Fibonacci retracement level at $0.02729. This reflects a weekly decline of approximately 1.32%, limiting monthly gains to under 3%.
The downward trend forms a falling channel, while the broader price structure still suggests a potential inverse head-and-shoulders pattern. The neckline aligns with the horizontal resistance at $0.03307, but the recent pullback increases the risk of pattern failure.
Trading below the 23.60% Fibonacci level, a decisive daily close under this support could trigger a prolonged correction. Supporting the bearish outlook, the daily RSI has dropped below the midpoint, indicating a significant loss of bullish momentum.
The immediate support for VeChain lies at the descending trendline, which is near the Supertrend indicator at $0.02572. If the price falls below this level, the trend could reverse toward the next support levels at $0.02471 and $0.02199.
Conversely, a potential rebound within the falling channel could revive bullish hopes and increase the likelihood of completing the inverse head-and-shoulders pattern, with a possible retest of the neckline near $0.0307.
đž Derivatives Data Reveal Optimistic Bulls Facing Rising Liquidations
As VeChainâs price declines, liquidations in the derivatives market have intensified, wiping out bullish positions. Over the past 24 hours, long liquidations totaled $81.59K, compared to just $4.05K in short liquidations.