The VeChain price joined the sell-off party today after the FBI managed to retrieve most of the funds from the Colonial Pipeline hack. The VET dropped by more than $0.1100, which is about 25% below the highest point last week.
What happened: Cryptocurrencies were hailed as the best mediums for cybercriminals. To a large extent, this view is correct since authorities have not been able to track most of the funds stolen using cryptocurrencies.
Today, VeChain and other cryptocurrencies are falling after the FBI managed to retrieve most of the coins given to hackers of the Colonial Pipeline. The decline of Bitcoin price has led to contagion across other cryptocurrency markets. Indeed, according to CoinMarketCap, 49 of the top 50 cryptocurrencies have retreated in the past 24 hours. The only one that has gained is Theta Fuel. So, what next for VeChain prices?
VeChain price forecast
In a note I did yesterday, I said that there were two potential scenarios for VeChain prices. The first one was where the coin jumped and tested the upper side of the channel on the four-hour chart. The other scenario was where the coin declines below the lower side of the channel.
Turns out, the second view was correct since the coin has declined below the lower side of the channel. It has also formed a head and shoulders pattern and moved below the 23.6% Fibonacci retracement level. Therefore, in the near term, the coin will likely keep falling as bears target $0.06830, which was the lowest level in May.