The crypto bear market is yet to show signs of abating after the quick succession of significant selling events. The first was Terra’s collapse in May of this year that kickstarted massive losses across the crypto markets, with VeChain (VET) hitting a local low of $0.020 on June 18th. Secondly, the FTX fiasco forced further selling, resulting in VeChain (VET) hitting a local low of $0.01727 set on November 21st t.
VET/USDT Looks Set to Retest the November Low of $0.01727
A quick check at the one-day VET/USDT chart below, courtesy of Tradingview, reveals that VeChain remains in bearish territory, trading below the 50-day (white), 100-day (yellow), 200-day (green) and 200-week (red) moving averages.
In addition, VeChain’s daily MACD, MFI (green) and RSI (red) all hint at an ongoing pullback that could ultimately lead to a drop from the current $0.018 price level to November’s low of $0.01727.
A Bitcoin Reversal Could Reignite VeChain’s Bullish Momentum
However, at the time of writing, Bitcoin has confidently broken the $17k resistance level and looks set to retest its June low of $17,600. If Bitcoin’s bullishness is maintained, it could spread to the entire spectrum of digital assets resulting in VeChain (VET) fighting off the above bearish scenario and possibly inching towards its very own June low of $0.02
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