VeChain (VET) Drops 22%, Nears Oversold Conditions as Market Tests Support Levels

VeChain (VET), currently priced at $0.033, has dropped 22.24% over the past 24 hours. The broader crypto market, including Bitcoin, has been showing mixed

Cryptocurrency VeChain (VET) is currently priced at $0.033, having dropped 22.24% over the past 24 hours. The broader crypto market, including Bitcoin, is showing mixed signs of stability and volatility.

While some cryptos are attempting to bounce back stronger, others, like VeChain, are in a bit of a holding pattern. Over the past few weeks, VeChain has been trading sideways, forming a range between key levels.

The crypto has been bouncing between support at $0.032 and resistance at $0.055. However, it’s in a cooling-off phase after a major move in November.

The next level to watch for VeChain is its 1-month low of $0.02723, which it is currently approaching, and the 14-day RSI at 30% indicates that VeChain may be in oversold conditions.

Altcoins Test Support Levels

The broader altcoin market is currently testing a major support level, which could lead to a potential bounce to the upside soon. Bitcoin’s sideways movement often results in altcoins like VeChain starting to show independent price action.

Despite the bearish trend, VeChain’s Mainnet activity hit a new record this month, with over 15 million clauses executed.

This milestone highlights the platform’s growing use and its strong blockchain ecosystem.

Their updated protocol, VeChain Renaissance is also underway, with updates aimed at enhancing interoperability through the VeWorld super-app.

An analyst’s prediction from December has also gained attention, suggesting that if history repeats itself, VeChain could see a 3,000% pump within the next 100 days.

This aligns with a pattern seen in previous cycles where VET mirrored a 65% dump before entering its bullish phase. If this prediction holds, VET could surge to around $0.63.

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