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VeChain (VET) on Edge: Will $0.02 Hold or Lead to a Steep Decline?
- VeChain (VET) struggles to hold $0.02 support, potentially facing a decline towards $0.017 amidst global uncertainty.
- Failure to stay above $0.02 could signal a halt to VeChain's recent bullish momentum and potential recovery.
- Bearish sentiment prevails as VeChain's price sees resistance and hints at further downturn.
- VeChain is currently testing the crucial $0.02 level, with a risk of dropping to $0.017 after a significant retracement.
- Market observers are monitoring VeChain closely amid global tensions to assess potential market turnaround or further decline.
- A break below $0.02 could jeopardize the bullish scenario for VeChain, while a breakout above the downward trendline might spark a revival.
- VeChain's price, after hitting a high of $0.022100, is now at $0.021700, with indicators like MACD and RSI signaling increasing bearish sentiment.
- Fibonacci retracement suggests $0.017 as the next support level if $0.02 fails, with $0.024 resistance potentially triggering a reversal to $0.031.
- VET's derivatives market shows a bearish dominance, as liquidations from long positions exceed those from shorts, hinting at the prevailing negative sentiment.
- The future direction of VeChain hinges on the response at $0.02 support, with traders eyeing either a bounce at $0.017 or a breakout above $0.024 for trend reversal.
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