Tuesday’s 8.44% selloff in the VET/USDT pair triggered new bearish VeChain price predictions in the crypto market. This selloff followed two days of doji formations that caused the price action to stall at 0.02578. The downside violation of the 0.02391 support is being tested for continuation following Wednesday’s upside return move.
The VET/USDT pair is gaining upward traction after VeChain became the first official Layer-1 blockchain partner of the Ultimate Fighting Championship (UFC). This partnership deal would allow for a fair ranking system of fighters to be performed on the VeChain network and for the token’s ads to be shown to 900 million households in more than 175 countries. The VeChain brand will receive active displays during all 42 annual UFC events and the contender series.
This partnership is not expected to radically alter VeChain price predictions in the short term, which continue to be dictated by happenings in the overall market. The ability of Bitcoin to prevent a huge drop toward the 15K or 12K price levels will have a role to play in whether the VET/USDT pair can shake off Tuesday’s drop or not.
VeChain Price Prediction
The day’s uptick is an attempted return above the breached support at 0.02391. If the bears resist this move, the downside violation by yesterday’s selloff is converted to a breakdown. This scenario would see 0.02260 (26 July and 7 September lows) become the next downside target. The 15 June/14 July 2022 lows at 0.02148 form the next target to the south, while the 18 June low at 0.02004 forms an additional pivot target if the selloff continues.
On the flip side, a break above the 0.02391 price mark halts the downside progression. This makes the 0.02578 resistance formed by previous highs of 23/24 July 2022 the next upside target. Above this level, the 0.02728 resistance (20 July and 25 August highs) forms an additional harvest point for the bulls, leaving 0.02860 (31 July high) as another resistance mark of note if the price advances further.