VeChain (VET) Might Plunge to $0.0825 with Lingering Market Dip
- The 28 October crypto market correction had VET dropping by nearly 22%.
- VeChain appears ready for another 34% plummet to $0.0825 before resuming its upsurge.
VeChain (VET) witnessed its price dropping 11% to $0.12364 from $0.14033 amid the cryptocurrency market dip seen on 27 October. Meanwhile, the altcoin lost almost 22.8% from 26 October high at $0.15177 to $0.11711, yesterday’s low. VET’s technical formation shows further plummets in the upcoming sessions.
VET Might Lose 34%
VeChain has recorded upsurges, gaining a massive 82% to 25 October peak of $0.15086 from 30 September at $0.08255. With that rally, VET printed an ascending channel formation on its daily chart. Keep in mind that this chart pattern comes when a cryptocurrency sees multiple higher lows and higher highs.
While writing this content, VET trades confined in a rising price channel near $0.12586. The altcoin hovers on massive support at $0.11855. Remember, the 200-day SMA coincides with the prevailing chart formation’s lower border.
Keep in mind that a plunge under this critical zone might have the coin dropping under the rising price channel, tagging the 50-day ($0.11947 and 100-day ($0.11855) Simple Moving Averages.
Amplified selling momentum might see VET price dropping under the psychological level of $0.10 towards the demand region that ranges from $0.08255 to $0.09540. That would translate to a 34% plummet from the coin’s current price.
VET-USD Daily Price Chart
Meanwhile, if the Relative Strength Index sees a sharp move out of the overbought territory, it will confirm the bearish narrative. On the other hand, if bulls print a significant-close beyond the psychological level at $0.130, it will confirm buyers’ arrival. Meanwhile, only a daily close beyond $0.140 will suggest a bullish breakout.
If such a scenario occurs, market participants can expect positive fundamentals plus this bullish pressure to push VeChain high to the channel’s upper level at $0.16204. For now, most of the cryptocurrencies trade lower as the space sustained a bloodbath since Bitcoin dropped under its psychological level at $60K. However, analysts believe that the dominant coin has the momentum to push higher. If BTC records higher highs, altcoins, including VET, will revive their trends, exploring high levels.
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