- VeChain is facing renewed selling pressure, with its price hovering near the critical $0.020 support level and a potential drop to $0.018 looming.
- Despite the bearish trend, new partnerships and bullish analyst forecasts suggest a possible long-term recovery.
VeChain (VET) is under pressure again as bearish sentiment grips the altcoin market. After an 8% decline on April 15, the token fell another 3.57% intraday, slipping to $0.02173. This marks a critical point as VET retests the breakout from its falling wedge pattern—a move that initially sparked hopes of a bullish turnaround.
However, the rally failed to breach the 50-day EMA near $0.025, and two indecisive Doji candles over the weekend have been followed by a sharp engulfing red candle. This bearish pattern, known as an evening star, suggests that sellers are back in control.
Adding to the negative pressure, the RSI on the daily chart has now dipped below the neutral 50 mark, indicating a weakening bullish momentum. With all major EMAs (50-day, 100-day, and 200-day) still aligned bearishly, traders are eyeing $0.020 as a make-or-break support level. A breakdown here could accelerate losses down to $0.018.
Fundamental Strength: Strategic Partnerships Keep Hope Alive
Despite the current price woes, VeChain’s long-term fundamentals remain strong. In a notable development, UFC CEO Dana White joined VeChain as an official advisor—an endorsement praised by crypto analyst Michael Van De Poppe.
The blockchain platform also recently partnered with 4ocean, a sustainability initiative aimed at combating ocean plastic pollution. These strategic collaborations reinforce VeChain’s credibility and real-world utility, potentially setting the stage for a future bullish reversal.
Analysts Still Bullish on a 150% Surge
While the short-term outlook appears shaky, not all hope is lost. Analyst Jonathan Carter sees the current price action as part of a larger setup for a bullish breakout. His falling wedge projection targets key resistance levels at $0.0275, $0.040, $0.048, and even $0.057—suggesting a potential 150% upside.
But for that bullish scenario to unfold, VeChain must first hold its ground above $0.020. A bounce here could ignite momentum toward the 78.6% Fibonacci level at $0.025 and eventually the 50% level at $0.038.
