Jonathan Morgan
Independent Analyst
- VeChain price is on a knife’s edge; it could experience a free fall if support fails.
- Massive support exists directly below VeChain’s current price.
- VeChain is better positioned than most altcoins to experience a massive push higher.
VeChain price on the weekly chart shows strong defense near the $0.13 value area. Many support levels exist near $0.13, and that level must hold to prevent any future sell-off.
VeChain price could drop 50% or rally 75%
VeChain price experienced a significant drop during the Tuesday trade session following strong selling across the entire cryptocurrency market. Vechain has dropped as much as 15% below the weekly open.
There is a considerable number of support levels between the $0.13 and $0.14 value area. The 2021 Volume Point Of Control, weekly Tenkan-Sen, weekly Kijun-Sen, and bottom of the Cloud (Senkou Span B) reside in that price range. The only Ichimoku level not in that support zone is the top of the Cloud (Senkou Span A) at $0.155.
The most prominent warning for VeChain price moving lower is the positions of its oscillators. The Composite Index is at a historical resistance level, meaning price often moves lower upon hitting that historical resistance. Additionally, the Relative Strength Index has yet to move out of a bear market, evidenced by its failure to breach the final overbought level at 65.
VET/USDT Weekly Ichimoku Chart
Failure to hold the $0.13 to $0.14 value areas as support could see VeChain price experience a flash crash to a 38.2% Fibonacci retracement level at $0.07.
Bulls could invalidate the near-term bearish outlook by holding VeChain to a weekly close above the Cloud at or above $0.155. From there, a renewed push to test the prior all-time highs at $0.26 is likely.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: ETH consolidates below $2,000 as Standard Chartered alters its prediction for 2025
Ethereum remained just below $2,000 in the Asian session on Tuesday as Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, updated the bank's 2025 price forecast for ETH.
Solana price faces 50-day resistance as SOL futures debut on CME Group with $5M volume on fifth anniversary
Solana (SOL) stagnated around the $128 mark on Monday despite multiple bullish catalysts. The recent SOL unlocks by Alameda Research, ahead of FTX creditor repayments, have created a persistent bearish overhang since early March.
Canary Capital proposes first-ever Sui ETF following S-1 filing with the SEC
SUI saw slight gains on Monday as Canary Capital submitted an S-1 application with the Securities & Exchange Commission (SEC) to launch a Sui exchange-traded fund (ETF). This adds to the growing list of altcoin ETF filings awaiting approvals from the regulator.
Outflows in crypto funds reach $6.4 billion over five weeks amid long-term holder accumulation
Crypto exchange-traded funds (ETFs) extended their outflow streak last week, totaling $1.7 billion, bringing the total outflows in the past 5 weeks to $6.4 billion, per CoinShares weekly report on Monday.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.