VET price could fall below $ 0.13 if sell-off continues

Related

SolidProof Announces New Partnerships to Further Enhance Services

SolidProof, a leading blockchain-based audit/KYC services provider, announced new...

Voltichange Ready to Enhance the Volt Inu Universe

Volt Inu's team recently announced that it is about...

KVX.com Launches Crypto Trading Services in the EU

KVX.com announced the launch of its crypto trading services...

Share

The VET / USD pair is in a downtrend that could continue over the next few hours

The broader cryptocurrency market continues its downward trend, with its total market capitalization falling below the $ 2 trillion mark as a result of the recent sell-off. The Bitcoin price has fallen below the $ 40,000 mark for the first time in months.

VeChain (VET) is also affected by this downtrend, losing more than 17% of its value in the last 24 hours. The huge drop in prices could lead VET to fall as low as $ 0.1, wiping out most of the gains made in recent months.

VET-Price forecast

VET has dropped 18% against the US dollar in the last 24 hours as the broad cryptocurrency market is currently experiencing a massive slump.

Due to this slump, VET’s MACD line fell further into the bearish realm. VET is also trading almost 20% below its 100-day SMA ($0.180). For the first time in weeks, VET’s 14-day RSI is slipping into the “oversold” range.

4-Hour Chart VET / USD. Source: Coinalyze

If this bearish trend continues, VET could lose its key support at $ 0.129, paving the way for further declines to its 30-day low at $ 0.127. With further sell-offs, VET could fall below $ 0.120 in the coming days and move towards $ 0.10.

To break out of the recent downturn, VET would need the help of the general crypto market. A rally beyond initial resistance at $ 0.147 could allow VET to make a run at the larger resistance point at $ 0.162. But unless there is a huge rally, the VET / USD pair may find it difficult to reach the resistance level at $ 0.193 in the next few hours.