VeChain Price Forecast: VET Has Just Done Something Very Bearish

Summary:

In this article, we explain why the VeChain price has formed something bearish by moving below its key level of support on the 4H

The VeChain price dropped below a key level of support as the overall sell-off of cryptocurrencies accelerated. VET is trading at $0.1405, which is 50% below its all-time high of $0.2783. It has a market value of more than $8.3 billion.

VeChain price: VeChain price has declined as part of the ongoing sell-off in the crypto industry. Indeed, all major cryptocurrencies like Bitcoin, Ethereum, and Binance Coin have all dropped by more than 10% in the past 24 hours.

This is mostly because of a sharply-worded statement by Chinese regulators who are said to be considering putting more limits on crypto transactions. In the statement, they warned about the speculation and volatility of the cryptocurrency market.

Also, there are concerns about interest rates in the United States. While the Fed has remained dovish, there is a possibility that members will be pressured to start tightening in the near term. So, what next for VET?