Vechain (VET) Struggles to Hold $0.020 as Market Crashes, Will the Breakdown Rally Hit 0.016?

With the 36% price drop in the Vechain (VET) price struggling to hold bullish dominance at $0.020, the altcoin could experience further downfall.

.020 as Market Crashes, Will the Breakdown Rally Hit 0.016?" >

The Vechain (VET) price is struggling to maintain bullish dominance at the $0.020 level as the altcoin experiences a 36% price drop. However, the broader market crash is impacting altcoins, and VET seems to be faring better than most. Despite the losses, buyers are attempting to defend the crucial $0.020 support.

Key technical points:

The VET token price is currently trading at $0.020 with an intraday loss of 11%.

The daily candle is displaying demand at the psychological level of $0.020.

The crucial EMAs (50-day and 100-day) are performing a bearish crossover.

A glance at the daily price chart of Vechain reveals a concerning scenario as the altcoin is displaying a steep decline in response to the bear market. However, zooming in on the VET price trend shows a lesser degree of bearish influence compared to other altcoins.

As a result of the ongoing bear market, the Vechain price has experienced a continuous downtrend from the overhead trendline resistance of the ascending channel pattern. This downtrend is now 36% in magnitude from the recent swing high of $0.031. Moreover, the recent downturn has wiped out the possibility of a double-bottom reversal from the $0.022 price level.

The VET token price is currently struggling to maintain support at the crucial level of $0.020. This psychological support is crucial for preventing further bearish extension. However, the demand at this level is evident from the candle formation, which includes a long lower wick/tail.

On the other hand, the crucial EMAs (50-day and 100-day) are performing a bearish crossover, which might amplify the selling pressure. Moreover, the daily Relative Strength Index (RSI) line is dropping into the oversold territory and currently reading at 22%. This indicates that out of the last 14 days, 78% of the price movements in Vechain were bearish.

VET Price Analysis for March 29

The VET token price is currently at a pivotal juncture at the $0.020 support level. The next significant trend in the VET price will be determined by the broader market movement.

If the US markets open bearish and the BTC price continues to crash in the opening hours, we can expect a further bearish extension in Vechain. In such a case, the next support level for VET is around $0.016.

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