The crypto market is flashing red, and altcoins are taking a beating. Data from CoinMarketCap shows the altcoin sector down 2% this week, a grim backdrop for VeChain (VET), which tanked 8% on April 16, and shed another 6% intraday to hit $0.02213.
Traders are jittery as charts hint at a further dip to $0.018. But one analyst is bucking the trend, calling for a jaw-dropping 150% surge.
Technical Signals Flash Warning
VeChain’s daily chart reveals a classic setup gone wrong. VET broke out of a falling wedge—a pattern with downward-sloping trend lines that often signals a bullish flip. This time, it fizzled.
The price hit a wall at the 50-day exponential moving average (EMA) near $0.025 and retreated.
On April 15, an engulfing red candle wiped out 8%, capping a weekend of indecision marked by two Doji candles—an evening star pattern traders dread as a bearish omen.
The numbers back up the gloom. VET’s rally stalled at the 78.6% Fibonacci retracement level of $0.02574, measured from its recent peak to trough.
Now, it clings to the wedge’s broken trendline. The daily Relative Strength Index (RSI) slid below 50, a sign bullish momentum is fading fast.
Worse, the 50-day, 100-day, and 200-day EMAs stack up in bearish order—short-term below long-term—tilting odds toward a new low.
Analyst Sees a Bullish Twist
Jonathan Carter, is a crypto analyst with a contrarian take. In his latest breakdown, shared on April 15 on X, Carter argues VET’s wedge breakout could still ignite a rally.
He pegs resistance at $0.0275, $0.040, $0.048, and $0.057—levels that, if breached, could push VET up 150% from its current price.
It’s a bold call, but Carter says it hinges on buyers stepping in—a spark yet to ignite.
Beyond the charts, VeChain’s fundamentals are making waves. UFC CEO Dana White signed on as an advisor in, a coup that could amplify VET’s profile in sports and beyond.
Partnering with Nobel laureate Sir Konstantin Novoselov, the team is combining widespread appeal with scientific expertise.
Their efforts spotlight VeBetterDAO, which incentivizes sustainable actions with B3TR tokens, and the upcoming VeChain Renaissance in 2025, promising enhanced security and decentralization.
White’s influence could introduce blockchain benefits to UFC and Power Slap audiences, potentially drawing millions into the technology. He said,
“VeChain is an incredible partner for UFC and Power Slap, and I’m honored to join their advisory board. I’m passionate about technology and with their products and innovation, I’m looking forward to helping elevate their brand to the next level.”
Meanwhile, a tie-up with 4ocean, announced this year, uses blockchain to track plastic cleanup efforts—a nod to real-world utility. These moves don’t lift prices today, but they signal staying power.
VET’s Next Move Hangs in Balance
VeChain’s fate teeters on a knife-edge. A slip below $0.020 could spark a 17% drop to $0.018, a Fibonacci support zone.
Flip the script, and a push past $0.025—the 78.6% Fib level—might kickstart a climb to $0.038, the 50% mark.
For now, VET trades at $0.02213, down 11% this week, per CoinMarketCap data. Bears hold the reins, but Carter’s 150% vision keeps hope alive. The market’s next breath will tell.
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