- Vechain price sees bulls struggling to hold ground above key technical areas.
- VET is set to tank once this rally’s backbone breaks to the downside.
- At least an 8% decline is granted with a risk of even a 15% decline if the rally unwinds completely.
Vechain (VET) price has been on a tear with an already 30% gain achieved at one point. The jump came after a rescue package was put together that bails out any Silicon Valley Bank deposit holder and in its turn triggered a rally in Bitcoin. Still the weakness experienced by three banks connected to the crypto industry over the past month is putting pressure on the price action as the picture is nowhere near that rosy for altcoins as presumed these past few days.
Vechain bulls to receive final blow that will kill off this rally
Vechain price was issuing warning signals to traders as the Relative Strength Index (RSI) on Tuesday was shooting through the overbought barrier. In line with that, bulls pierced through the 55-day Simple Moving Average (SMA) and could not open and close above that line. What followed was a fade that is now squashing remaining bulls against the green ascending trend line.
VET has quite a few bulls still trapped in its price action, and bears are squeezing them against the green ascending trend line. Once that trend line breaks, expect to see an exodus of investors as the overall bearish sentiment gets activated again. Expect a drop lower toward either $0.022 around the 200-day SMA and the monthly S1 pivot level or a double down with VET flirting with the break at $0.0200 and printing a 15% loss.
VET/USD 4H-chart
It would not be the first time that the US session will bring some more bullish activity. Expect to see a bounce off that green ascending trend line and this time bears to undergo a squeeze. Bulls will break and close above that 55-day SMA and will try reaching $0.027 by the end of Wednesday with a 13% gain in the books.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC remains calm before a storm
Bitcoin price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as investors absorb the tariff announcements.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum developers tentatively scheduled the Pectra mainnet upgrade for April 30 in the latest ACDC call. Whales have stepped up their buying pressure in hopes of a price uptick upon Pectra going live on mainnet.
BTC stabilizes while ETH and XRP show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
Bitcoin: BTC remains calm before a storm
Bitcoin (BTC) price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday.
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.