VeChain (VET) Sends Bearish Signals? Analyst Points Key Levels

VeChain has followed the general sentiment in the market and it’s currently trading in the green. Its 24-hour profits stand at 7.8% with VET’s price exchanging hands at $0.053. Related Reading | VeChain Foundation Announces New Stablecoin, Could It Create Fresh Demand For VET? In a recent video posted on his YouTube channel, analyst Justin Bennett looked into VeChain as the sell-off across the crypto market seems to slow down. As seen below, on the weekly timeframe, the analyst believes VET’s price is yet to come out of the wood. As the chart shows, VeChain broke an important trendline on the aforementioned timeframe as it failed to hold above the $0.060 level. Given the relentless selling pressure that led to a breakdown in that structure, Bennet believes “the market doesn’t look all that great”. As long as VET is unable to break above its current levels and return to its weekly trendline, bears could continue to push the price back to critical support. In order for bulls to have a chance at a climb back to previous highs, VeChain must reclaim the $0.060 level in the short term. Bennett said: It would have to close the day above $0.0650 before it starts to move back to $0.10, $0.12, etcetera. Until that day I think you have to be careful, and you have to realize that the downtrend is still intact. In case of further downside action, the analyst determined that the $0.0350 area could operate as critical support. In ...