VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend
30 Junio 2022 - 5:00PM
NEWSBTC
The crypto market continues on its downtrend, and VeChain (VET)
follows after expiring some relief over the last weekend. The
cryptocurrency recently breached a major level of support and seems
poised to expand its downside price action. Related Reading
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Wait Mode At the time of writing, VET’s price trades at $0.022 with
a 3% and 32% loss over the last 24 hours and the past month
respectively. According to crypto analyst Justin Bennett, VeChain
lost a major area of support when it broke below $0.024. As seen
below, this area was the last line of resistance for a “neckline”
or a trendline that saw VET’s price after an increase in previous
selling pressure. Not everything is lost for the bulls, the analyst
believes, as long as VeChain is capable of holding above $0.021.
This area is a “much more significant support for the market”. In
case of further downside action, VET’s price could drop into this
support line before seeing some relief. If the price manages to get
back above the neckline, it could support a bullish continuation.
However, traders should wait for confirmation if VET’s price can
return to $0.024 and then to $0.026. Beyond that point, $0.028
seems like a very important area of resistance. Bennett believes it
seems more possible that VeChain will continue on its downtrend:
Resistance for VET is around $0.0237, which is the neckline it
broke below yesterday. All in all, the market looks relatively
weak. So even if we do see some additional relief, I think a move
to at least $0.016 makes the most sense right now. Traders should
watch out for a daily close below current levels or $0.022. This
could hint at potential losses targeting the levels mentioned by
the analyst. What Could Save VeChain In The Long Run? As NewsBTC
reported, VeChain is currently in the process of deploying a major
consensus update. This could facilitate the corporate adoption of
the blockchain VeChainThor and inject fresh capital into the
ecosystem. However, this will positively impact VET’s price over
the long run. In the short term, Bennett claims the current macro
conditions don’t support bullish momentum in the crypto market. The
analyst recently pointed out a “Head and Shoulders” pattern formed
on the crypto market total capitalization 4-hour chart. Related
Reading | Ethereum Rising Gas Fees are Still Concerning But
Presents Opportunity For Decentralized Exchanges This pattern often
precedes further losses by a certain asset. The total crypto market
cap currently stands above $800 billion and could crash into the
$700 billion if the pattern plays out. Any long positions, at
current levels, seem at risk, as Bennett explained: $TOTAL is a
perfect example of how to use a failed head and shoulders to your
advantage. That failure offered a short opportunity. I never
thought to long this because of the established downtrend. I was
always expecting it to fail.
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