VeChain Price Forecast: Comeback from VET bulls could trigger 13% rally
VeChain price saw an 11% daily candlestick on Tuesday, in what looks as the first sign of a bullish resurgence for the blockchain’s token. If bulls are persistent, VET could bounce off a key support level and trigger another rally.
VeChain price swept the August 17 low on September 12, but the dive kickstarted an 11.59% rally. This move retested VET’s long-standing downtrend, which has created five lower highs since July 1. Investors can expect a minor pullback to the immediate support level at $0.0156, which is a key buying area.
FTX exchange’s $3.6 billion crypto liquidation unlikely to cause bloodbath in Solana, Ethereum, Aptos prices
FTX exchange received the US bankruptcy court’s nod to shed $3.6 billion in crypto holdings in exchange for fiat. Following the court’s decision, the estate will loop in Galaxy Digital, a crypto asset management firm, to oversee the sale of the assets.
FTX’s crypto liquidation plan has evoked bearish sentiment among investors on X. Jeff Dorman, CIO of investment firm Arca, counters the narrative and explains that Galaxy Digital is likely to sell the assets via Over-The-Counter (OTC) deals, while exchange-based selling is unlikely.
Temporary relief for bears in crypto
The crypto market capitalisation rose 1.2% in 24 hours to $1,043. The market's fall to almost $1 trillion at the beginning of the week satisfied the sellers. The question is whether the recent dip will be the starting point for the next rally. Keep an eye on the activity near the recent highs; for now, the market is not allowed to go higher.
For bitcoin, the death cross has not yet led to an intensified sell-off. The accumulated oversold condition that has exhausted the sellers is having an impact. Despite the potential for a rebound, BTCUSD remains within the bearish momentum that has been in place since July, with lower and lower highs and lows.
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