VET prices have fallen as much as 22% during today’s crypto market downturn, and VeChain’s price is likely to drop another 34% to $0.0825 before the start of another bull run.
VeChain lost as much as 22.8% from a high of $0.15177 the previous day to yesterday’s intraday low of $0.11711. Charts continue to suggest VeChain may have a larger range of losses.
VeChain price used to be in an uptrend of 82% from $0.08255 on September 30 and hit a high of $0.15086 on October 25. But in this rally, VET prices are showing an ascending parallel channel chart.
Currently, VeChain price is trading higher at $0.13 and its price is on strong support of about $0.11855, with the 200-day Simple Moving Average (SMA) matching the lower boundary of the daily chart.
This increased trader selling pressure could bring VeChain prices below the expected price of 0.10 to a price zone of $0.08255 to $0.09540, where this would likely trigger a 34% price drop. from current price
If the VET price in this bull market can rise to near or above the $0.130 level, this is a sign that buyers are starting to pay attention to it again. This would confirm a bull market if VeChain was able to generate trading rates above the $0.140 range above the ascending parallel channel chart, which if so. Investors can expect bullish momentum and other supportive factors to push VET prices to the top of $0.16204.
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