VeChain (VET) price continued to fall below the average level during trading on Thursday, based on various data from the technical and derivatives markets that indicated increasing downward trends for the cryptocurrency.
At press time, VET is trading at $0.004722, with a 24-hour trading volume of $ 23.94 million and a market capitalization of $ 406.53 million. According to CoinMarketCap, VET price decreased by 2.07% over the last 24 hours.
Source: CoinMarketCap
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VeChain Price Forms Bearish Rounding Top Pattern
Alpha Crypto Signal, a crypto analyst, provided a technical analysis for VET where he observed that the digital currency was forming a rounding top formation on a 2-hour time frame chart. The rounding top pattern is usually seen as a signal that the prevailing uptrend might be weakening.
Source: Alpha Crypto Signal’s X Post
According to Alpha Crypto, the VeChain price was able to move past its previous local lows. However, there seems to be a lack of buying activity in the crypto as it nears the resistance level. There have been repeated failures on the upside.
Further, Alpha Crypto stated that breaking down from the neckline support in the rounding top formation will mean the confirmation of the bearish chart. In case of a failure at the neckline support, the VeChain price will come under heavy selling pressure and head towards lower support levels.
Market Shows Confusing Derivatives Signals
The latest derivatives data reveal a rather confusing market. The open interest went up by 3.92% to reach $22.12 million. This means that new players are joining the market. Growth in the open interest level usually indicates increased activity and anticipation of price fluctuations in the near future.
Source: Coinglass
Meanwhile, the volume traded fell by 3.90%, reaching a value of $10.91 million. The fall in trading volume indicates that the market has become less active, even though the number of contracts has increased. This may indicate uncertainty among investors awaiting a direction.
In addition, the OI-weighted funding rate is currently at -0.0082%. The negative value of the funding rate indicates that there is a bearish bias in the market for derivatives.
Source: Coinglass
What’s Next for VeChain Price?
The VeChain price appears headed into a critical technical region as momentum oscillators show signs of deterioration. Breaking through the neckline support may solidify the negative bias and pave the way for further downside action.
However, if buyers defend the support level successfully and continue to make further progress, then the VeChain price may stabilize itself and attempt another push towards recovery. Until that time, however, investors will focus on monitoring the critical support and resistance levels for VET.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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