The drop of the VET/USDT pair for the 5th straight day is strengthening bearish VeChain price predictions in the market. The drop in the pair follows that of most of the leading cryptos, following Bitcoin’s drop below the 33,000 mark. The pair is currently down 4.5% as of writing.
Comparatively speaking, VeChain’s price drop in May has been of a lesser degree than most other coins. However, unless the bulls can stave off a further drop below the immediate support at 0.03921, the VET/USDT pair may be in for a fall over the cliff.
An analysis of the pair’s recent price behaviour indicates that the pair’s recovery followed the break of the falling wedge pattern but peaked at the 0.08699 resistance before resuming the downside. Following a dearth of fundamental triggers for the price action, what is the VeChain price prediction for the rest of the month?
The 0.03921 support is the immediate target for the price action. This is the site of a former low seen on 24 February. A bounce on this price support allows for a recovery move that targets 0.05043 initially (9/21 March highs). A break of this resistance and the trendline capping recent highs opens the door towards 0.06235 (16 February and 15 March highs) before the 0.07588 resistance last seen as a 6 April high emerges as an additional northbound price target. Only an uncapping of the resistance levels at 0.08699 (30 March high) and 0.09929 (5 December 2021 high).
If the bulls are unable to save the support at 0.03921, the pathway will be blown open for a steep drop towards 0.02578, which is the 2 February low. An additional drop below this support brings 0.02004 (11 January low) into the mix. O.00853 is an additional downside target that only becomes available if further price deterioration occurs. The sentiment is bearish, and any rallies may become opportunities to sell at better prices.
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This post was last modified on May 09, 2022, 19:14 BST 19:14