VeChain (VET) price has tumbled after weeks of positive price action. The coin was in the midst of a recovery from its March 2023 slump and was trading 36% above the lows before another crash happened. Our analysis shows that the time is running out for the bulls as the VET price has broken below the trendline.
Cryptocurrencies had a great start to the month as BTC broke above $30,000. However, the biggest cryptocurrency failed to gain any strength above the key psychological level and suddenly tanked on Wednesday. This also led to a crash in VET price, which lost 6.23% during today’s trading session.
VeChain Launches Web3 Platform VORJ
As per the most recent VeChain news, the project has just launched its Web3-as-a-service platform known as VORJ. The platform will enable users to deploy digital assets with just a few clicks without worrying about transaction fees. The project’s official Twitter account made the announcement on April 17.
According to the TVL tracking site, DeFi Llama, the total locked value (TVL) on the VeChain blockchain has constantly been decreasing for the past 2 years. The low network activity has also affected the Vechain price during this time which is 91.34% down. The TVL has dropped to $1.4 million from its December 2021 peak of 33.6 million.
VeChain Price Prediction Flips Bearish
On technical grounds, the VET crypto chart currently maintains a bearish outlook on a higher timeframe. On the lower timeframe, the coin has been showing some strength since its March 2023 lows. Nevertheless, it is evident from the following chart that the price has broken below the trendline on 4H chart, but the candle is yet to close.
VeChain price will become extremely bearish if it closes below this trendline. In this scenario, a retest of the $0.021 level will be the most likely scenario. The $0.021 level is the only major support before the March lows of $0.0194, which lie 20% below the current price level.
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