- VeChain price continues to struggle post flash crash.
- A broad shift into bear market territory is increasingly likely.
- A small window of time exists for VeChain to deny bears control.
VeChain price has recovered roughly 40% of the losses it has had since the flash crash this past Saturday. A strong recovery looked very likely, but recent price action has shown there is a struggle to move higher and that bulls may be losing faith.
VeChain price must regain $0.13 to prevent further bearish bias
VeChain price has struggled since the sell-off on Saturday. Despite returning to $0.095 from a low of $0.07, bulls have displayed little pressure to sustain VeChain’s current price range. The Tenkan-Sen at $0.098 is currently the primary near-term resistance. The Sunday, Monday, and current daily candlesticks have all been halted higher by the Tenkan-Sen.
The price level that bulls must return to and hold is the $0.13 value area. Doing so would position VeChain price above the Tenkan-Sen, Kijun-Sen, 2021 Volume Point Of Control and the 38.2% Fibonacci retracement. The only two resistance levels above VeChain are Senkou Span A and Senkou Span B.
Failure to move and hold above the Tenkan-Sen could trigger renewed selling pressure in the form of new short-sellers or buyers abandoning their positions for better opportunities. In that scenario, VeChain would likely fall to retest the 61.8% Fibonacci retracement at $0.082.
VET/USDT Daily Ichimoku Chart
However, the daily oscillators may prevent any near-term selling pressure. While the Relative Strength Index is in bear market conditions, it shows some signs of holding support at the first oversold level of 30. Additionally, regular bullish divergence is now present between the candlestick chart and the Composite Index. Finally, the Optex Bands remain in extreme oversold conditions are just now transitioning higher, giving VeChain price bulls some positive pressure.
Any close below $0.08 would likely trigger a flash crash to the $0.03 value area.
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
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.