- VeChain is facing increased selling pressure, with its price hovering just above $0.020 and at risk of dropping to $0.018 if bearish momentum continues.
- Despite the downtrend, recent high-profile partnerships and bullish analyst projections hint at long-term recovery potential
The crypto markets are dipping again, and VeChain (VET) isn’t escaping the storm. After an 8% drop on April 15, VET continues its downward slide with a 3.57% intraday dip. The altcoin is now retesting a falling wedge breakout, but growing supply pressure raises a red flag: could $0.018 be next?
VET currently trades at $0.02173, barely clinging to the broken resistance trendline. The failed attempt to break past the 50-day EMA near $0.025—coupled with an engulfing red candle and the dreaded evening star pattern—signals a potentially steep correction. The daily RSI has also dropped below the midpoint, hinting at weakening bullish momentum.
Technical Breakdown: Bearish Signals Mount
While the breakout from the falling wedge initially sparked optimism, VET’s rally was cut short. A rejection at the 78.6% Fibonacci retracement level ($0.02574) adds to the bearish sentiment. The alignment of the 50-day, 100-day, and 200-day EMAs continues to favor the bears, increasing the likelihood of VET slipping below the critical $0.020 level.
Should this breakdown occur, $0.018 appears to be the next logical support zone.
VeChain’s Real-World Partnerships Offer Hope
Despite technical headwinds, VeChain continues to build strong fundamentals. UFC CEO Dana White recently joined VeChain as an advisor, an endorsement praised by crypto analyst Michael Van De Poppe. Additionally, VeChain’s collaboration with 4ocean, a company tackling ocean plastic pollution, highlights its real-world utility.
These developments inject credibility into the project and may act as catalysts in the long run—even if the short-term price action stays rough.
Is a 150% Rally Still Possible?
Crypto analyst Jonathan Carter remains optimistic, pointing to a potential high-momentum bull run if the retest holds. He outlines key resistance targets at $0.0275, $0.040, $0.048, and $0.057—implying an upside potential of 150%.
But first, VET must survive the retest and reclaim its bullish footing. If bulls manage to push the token above $0.025 again, an extended rally to the 50% Fibonacci level at $0.038 may be back on the table.
