The cryptocurrency market is under the pressure of the bearish correction The values of the currencies are falling sharply in the market. Cryptocurrencies such as Bitcoin, Binance Coin, Bitcoin Cash, Ripple, Ethereum, EOS, Litecoin, and VeChain are under great bearish correction after enjoying long bullish rally this year.
Vechain has also enjoyed great bullish rally before this correction this year. Vechain was trading at the value of $0.005263 on March 18, with the market capitalization of $291,832,373 USD and the VET/BTC value was at 0.00000130 BTC. At this time of point the market trade recommendation of the VET/BTC aimed at its first target.
On April 15, 2019, the VET/BTC value was increased up to 0.00000155 and investors who followed the trade prediction for VET/BTC gained the profit of 22% and even in less than two weeks. Then the bearish correction hit the market and the value of the currency hit the low of 0.00000105. It took almost full 4 months to build that VET support level for bulls in the market and the bearish correction destroyed it very easily.
Currently, VeChain is trading at the value of $0.007382 USD and its value is decreased by -7.11%. The VET/BTC value of the currency is 0.00000089 and it is also decreased by -2.72%. The market capitalization of the VET is at $409,347,255 USD and the 24-hour volume of the currency is $32,680,275 USD.
The value of 0.0000008 is the main support level for the VET/BTC as the technical indicators displays and the market value doesn’t decrease below this level on May 13th. On May 18, the value reached up to 0.0000011 because of the over purchased conditioned which initiated the bullish rally.
The crypto market is under the bearish correction after that and as the technical indicator helps this bias. The regular RSI indicator shows an increase low level at 37 and the volume is also coming back to life. This is a signal of the return of bottom-picker in the cryptocurrency market.
The plan of the investors to purchase a dip near the value of 0.0000008. The experts are analyzing that as long as the price stays above this value, then there are chances for the currency to catch strength and reach up to 0.00000105 and then the next target is 0.00000125. The procedure might take 1 month to reach that particular value.