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VeChain Falls After 50-Day EMA Rejection as Derivatives Show Weakening Interest
- VeChain experiences a 5% drop after failing to surpass the 50-day EMA resistance at $0.02609.
- Open interest decreases by 9.48% to $62.85 million, with long liquidations totaling $419,000.
- A price breakdown below the $0.02199 support level could lead to a decline towards the $0.02000 psychological level.
- The cryptocurrency currently trades at $0.02222, facing increased selling pressure and potential testing of critical support at $0.02199.
- VeChain's recent rally from last week's turmoil, resulted in a 16% surge, halted at the 50-day EMA at $0.02609.
- Technical indicators present mixed signals, with the 50-day EMA acting as a strong resistance level.
- The bearish trend is reinforced by declining trends across the 50-, 100-, and 200-day EMAs, suggesting limited upside potential until broader trend changes occur.
- The possibility of VeChain revisiting the $0.02199 support level is heightened, potentially dropping below $0.02000 if that level is breached.
- Derivatives data indicates weakening sentiment, as open interest diminishes, long liquidations increase, and bullish positions face significant liquidations.
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