The VET/USD pair is in a bearish downturn could continue that way for the next few hours
The broader cryptocurrency market continues its bearish trend, with the latest sell-off causing the total market cap to drop below the $2 trillion mark. Bitcoin’s price has dropped below the $40,000 mark, the first time it has traded at this price in months.
VeChain (VET) was also affected by the downturn, losing more than 17% of its value in the past 24 hours. The huge decline in price could see VET heading down to the $0.1 mark, erasing most of the gains it has accumulated in recent months.
VET price outlook
VET is down by 18% against the USD over the past 24 hours, following a massive dip in the broader cryptocurrency market.
The dip sent VET’s MACD line further into the bearish territory, and it is trading nearly 20% below its 100-day simple moving average ($0.180). For the first time in weeks, VET’s 14-day RSI is slipping into the ‘oversold’ region.
VET/USD 4-hour chart. Source: Coinalyze
If the bearish trend continues, VET could lose critical support at $0.129, paving the way for further declines to its 30-day low at $0.127. Further market sell-offs could see VET drop below $0.120 and head towards $0.10 over the coming days.
However, if VET is to break the recent downturn, it would need the help of the general crypto market. A rally past the first resistance past at $0.147 could set it nicely to attempt the major resistance point at $0.162. Unless there is a massive rally, the VET/USD pair could find it tough to reach the $0.193 resistance level over the next few hours.