- The price action remains bullish on VET/USD daily chart
- VeChain price dropped after posting a new yearly high at $0.0107
- The coin is down by 9% today after moving under 100 SAT
VeChain News Today – the price of VET remains bullish from mid-term outlook despite dropping from $0.0107 on June 11. However, the coins’ evening star close on said day suggests that there is a short-term reversal. This position is gradually taking place via the daily chart. Litecoin’s price is now facing support at $0.0087 which is February’s high.
The volume on Litecoin’s current daily candle indicates that the bears are slowly entering the market. The drop from today is an indication that LTC’s bears are here to stay. VET is trading at $0.0087 currently. A daily close under this support area should launch strong corrections for the VET/USD pair. The yellow pattern could be supported if selling lasts longer than it has already.
If the VET Price Drops Below $0.0087, its First Support Will be $0.0075
If VET price dips below the $0.0087 area, the first support to be considered is at $0.0075. If VET fails to bounce, the likely primary support to watch is the one at $0.0064. VeChain could revisit $0.01 if $0.0087 continues to hold. A further push will likely allow the bulls to reclaim $0.0107. A successful rise above this price point should send VET/USD to $0.01167.
Meanwhile, against Bitcoin, the price of VeChain just dropped below the 93 SAT area. This level was suppressing all bearish actions for the coin in the last three days. VET’s current candle has taken its price to the yellow diagonal support. Looking at the current market structure, there is selling pressure on the 4-hour chart, after it indicated a 9.15% drop in the last 24-hours of trade.
VET/BTC is Losing Momentum on the Daily Chart
The VET/BTC pair is losing momentum on the daily chart. The bullish parabolic move remains valid on the same daily chart. But if the price of VET drops below the yellow pattern that has formed on the 4-hour chart, it would activate a short sell. VeChain price is now approaching support at 88 SAT. Below this support lies 80 SAT.
The price of VET may further roll between the 65 – 68 SAT levels in the event of a breakdown in its price. If the coins’ price can recover above 93 SAT (the position that was breached a few hours ago), the next swing high will be at 100 SAT. It can go further to 108 SAT (which is a resistance area) if it continues gaining momentum. A fresh rally upward will start after the coin breaks this resistance position.