VeChain Price Forecast: VET remains bullish despite crypto market slump

Vechain price remains bounded inside an ascending wedge pattern on the 4-hour chart.
The digital asset hasn’t lost its uptrend despite the crypto market recent sell-off.

In the past 24 hours, close to $100 billion was wiped from the total market capitalization of the crypto industry. However, Vechain is one of the few coins that have managed to survive and continues trading inside an uptrend.

Vechain price needs to defend crucial support level to see another leg up

On the 4-hour chart, Vechain has been trading inside a robust uptrend since January 11. The digital asset has established an ascending wedge with a support trendline located at $0.03. This level must be defended by the bulls in order to avoid a stronger pullback.

VET/USD 4-hour chart

A rebound from the $0.03 support level would push Vechain price back to the top of the pattern at $0.035. A breakout above this significant resistance level can drive VET to a new high of $0.048.

However, a breakdown below the $0.03 support level would also push Vechain price down by 37% and slightly below the psychological level at $0.02. Considering the entire crypto market has seen a massive sell-off in the past 24 hours, Vechain could be next.

Share: Cryptos feed

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.