Trapped in a Falling Wedge, VeChain (VET) Signals a Potential Touchpoint at $0.018 Despite the Network’s Fresh Recovery in Q1 2025

With the US President signing an executive order to initiate tariff wars, global economic uncertainty has caused a 3.49% pullback in the crypto market.

The U.S. President's bold move to impose tariffs has triggered a ripple effect across the global economy, leading to a 3.49% pullback in the crypto market.

Among the tokens feeling the heat is VeChain (VET), which experienced a 7.79% drop in price on April 2.

The sudden intraday pullback has intensified bearish pressure around the $0.020 psychological mark. Could this surge in supply lead to a further drop to the $0.018 level for VET prices?

On the daily chart, we observe that VeChain's price action is unfolding within a falling wedge pattern.

Within this pattern, the VET token price is encountering a bearish reversal from an overhead resistance trendline.

The falling wedge pattern is typically recognized for culminating in a bullish breakout.

However, the increasing selling pressure amid uncertain market conditions is raising concerns about a prolonged correction.

The token price is currently in close proximity to the $0.020 support level, which is an integral pivot point.

According to the pivot point indicator, the S1 support level at $0.021 is effectively holding the price despite the rising supply pressure.

This minimal bullish hold resulted in a 1.09% increase in price over the past few hours, pushing the current market price to $0.021831.

However, the overall decline in bullish momentum suggests that we might witness a continuation of the correction.

Furthermore, the daily RSI is also indicating a weakening of the bullish trend, as it is now ranging slightly above the oversold boundary level.

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The table above shows the S2 pivot support level at $0.01820. A touch at this level could be possible if the market continues to decline from here.

If the buyers manage to break the R1 pivot resistance level, which is currently at the $0.030 psychological mark, it could lead to a strong rally for the VET token.