VeChain (VET) – Plunged to test the $0.13 levelPosted on Tuesday, November 16 2021 at 9:28 pm GMT+0000
VeChain (VET) plunged to test the $0.13 level briefly following the deployment of its hard fork on the mainnet, which seeks to be eco-friendly and make adjustments in the way of how the blockchain processes the blocks. It implies that three participants are required to validate a block.
In terms of price action, as the altcoin rebounded when it tested the bottom, as mentioned above, it seems like the crypto could break above $0.16 if bulls father enough steam to rise. To achieve that, VET should also crack above the Ichimoku Kumo.
Once it clears out the resistance zone of $0.17, eyes will be on new monthly highs above $0.19 if the altcoin strengthens further.
So far, the MACD indicator stays in the negative territory, favoring the bearish scenario, although there are no signs of weakness yet after the decline post-hard fork. However, if bears strengthen, the next tough nut to crack would be the $0.12 level.