VeChain is retesting its falling wedge break out as sales pressure grows. VET’s price will be tested to see if it can stay above $0.020. If not, it may drop as low as $0.018.
The altcoin markets are down by 2% in the last week. VeChain Currently, the stock market is experiencing renewed pressure from sellers. VET continues to decline, registering an intraday fall of 3.57 % after a drop of 8.8 % on 15 April.
VeChain is currently testing the breakout of a falling wedge. Growing supply pressure, however, suggests an even deeper correction to $0.018 may be imminent.
VeChain’s Price Analysis warns against a Breakdown of $0.0020
VET’s daily chart shows that it has broken out of a wedge-shaped pattern. The breakout rally, however, failed to exceed the 50-day EMA at $0.025. Market uncertainty is reflected by two Doji candles that appeared consecutively over the weekend.
A red engulfing candle has been formed with an 8 % drop. This is a pattern of an evening stars. In the absence of a bullish break over the 50 day EMA at $0.02574, the 78.6% Fibonacci resistance level is also rejected.
VET is currently trading at $0.02173, just above the trendline of resistance that has been broken. Daily RSI dropped below the midpoint to indicate a weakened bullish trend as the failed break-out takes a more bearish direction.
The likelihood of a downswing is increased. More importantly, all three exponential moving averages (50-days, 100 days, and 200 days) remain bearish.
New partnerships increase credibility and support
VeChain, despite the volatility of the price, has been able to secure several partnerships in high profile over the last week. This reinforces its credibility on the market.
Michael Van De Poppe, a crypto analyst, praised VeChain’s partnership with UFC Chief Executive Dana White in a post published recently. White joined VeChain as an advisor.
It could be the beginning of more influential partnerships. VeChain and 4ocean’s collaboration to tackle plastic pollution with blockchain technology was also mentioned by the analyst.
$VET Keeps on Delivering!
This massive partnership could be a sign of more connections and partnerships to come.
Last week, 4ocean and blockchain partnered to tackle plastic waste.
You think I’m wrong? #VeChain is one to watch going into VeChain… https://t.co/p2f7LJlo8t
— Michaël van de Poppe (@CryptoMichNL) April 16, 2025
VeChain to grow 150% by 2020, according to Analyst
Crypto analyst Jonathan Carter has mapped out the wedge-shaped breakout of the daily chart to fuel hopes for an upcoming breakout rally. VeChain, he says, may be ready for a strong bull run.
These levels represent the key resistances: $0.0275; $0.040; $0.048 and $0.057. The analyst predicts an upward potential of 150% based on these levels.
VET Price targets
Fibonacci levels in the daily chart indicate that a break below the psychological $0.020 level would send VET back to its $0.018 base.
In the opposite direction, an upward trend after the VET retest may push VET above the Fibonacci Retracement of 78.6% ($0.025). If this is the case, then the trend may continue to rise up until the Fibonacci 50 percent level at $0.038.
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Source: thecryptobasic.com
