VET Technical Analysis Feb 28

Tech

VET Technical Analysis Feb 28

VeChain (VET) has fallen sharply by 8.56% in the last 24 hours to the 0.01 dollar level; as it approaches critical support zones, Bitcoins downward pressure threatens the altcoin rally.

Market Outlook and Current Situation

VeChain (VET) is trading in a clear downtrend on the daily chart, with its current price stabilized around 0.01 dollars. The 8.56% loss in the last 24 hours, along with trading volume dropping to 13.80 million dollars, indicates a decrease in overall market risk appetite. While the 24-hour range is squeezed in a narrow band around 0.01 dollars, this shows low volatility and investors searching for direction. VETs overall market performance is affected by short-term macro pressures despite the long-term potential of the supply chain-focused blockchain project.

The downtrend observed across the entire crypto market, especially triggered by Bitcoin‘s 5.62% drop, is also affecting VET like other altcoins. Although the project’s ecosystem is strengthened by institutional partnerships, the current price action exhibits a bearish short-term structure remaining below EMA20. The Supertrend indicator also gives a bearish signal, marking the 0.01 dollar level as resistance. In this context, for VET to recover, primarily an increase in volume and a change in momentum is required.

In multi-timeframe (MTF) confluence, 8 strong levels have been identified: 2 supports/2 resistances on the daily, 1 each on the 3-day, and 1 support/3 resistances on the weekly. This distribution emphasizes that resistances are more dominant in the medium term and the difficulty of upward movement. As a market comment, VET‘s current position mandates a ’wait and see strategy.

Technical Analysis: Levels to WatchSupport Zones

The most critical support zone is at the 0.0066 dollar level (score: 72/100), which shows strong confluence on daily and weekly timeframes. If this breaks, the next one at 0.0069 dollars (score: 65/100) comes into play, and these two form a defense line reminiscent of VETs recent monthly lows. These supports overlap with Fibonacci retracement levels of 61.8% and 78.6%, potentially paving the way for a bottom formation. Investors should monitor volume increases and doji candle formations in these areas; as a rebound scenario from here could provide short-term relief.

Resistance Barriers

The first resistance stands out at 0.0073 dollars (score: 73/100), followed immediately by 0.0077 dollars (score: 67/100). These levels, combined with Supertrend‘s bearish resistance, increase the likelihood of rejection in upward tests. The concentration of an additional 3 resistance confluences here on the weekly timeframe makes VET’s return to 0.01 dollars difficult. To overcome these barriers, sustainable volume is required first in the VET Spot Analysis market.

Momentum Indicators and Trend Strength

RSI is at 36.41 level, approaching the oversold region while signaling that selling pressure is starting to ease, but not yet producing a buy signal. The MACD histogram is in a neutral position on the zero line; although the effect of the bearish crossover continues, the slowdown in momentum may indicate a trend change. The price remaining below EMA20 maintains the short-term bearish structure, while the downward slope of the longer-term EMA50 and EMA200 confirms the downtrend. Supertrend being bearish confirms that overall trend strength favors sellers.

In multi-indicator confluence, although momentum indicators give mixed signals, it makes sense to expect an oversold bounce if RSI drops below 30. The decline in volume shows that trend strength is weakening; this increases the possibility of sideways consolidation or mild recovery. Overall, trend strength is bearish but showing signs of exhaustion, which can create volatility opportunities for VET Futures Analysis.

Risk Assessment and Trading Outlook

Bullish target 0.0104 dollars (score: 26) represents a 30% rise from current supports, while in the bearish scenario, 0.0034 dollars (score: 22) is seen as the critical bottom. The risk/reward ratio can turn favorable in support tests but worsens with increasing BTC dominance. Short-term outlook is bearish-neutral; breaking the 0.0073 resistance would be a recovery signal, while breaching the 0.0066 support accelerates selling. In the medium term, although supported by project fundamentals, macro risks (interest rates, regulation) are dominant.

For trading outlook, long positions should be considered from supports, shorts from resistances; stop-losses should be placed 1-2% beyond the levels. With low volatility, waiting for a breakout is the safest strategy. Overall risk assessment: High, as downtrend continues with liquidity traps common in altcoins.

Bitcoin Correlation

As an altcoin exhibiting high correlation with BTC (0.85+), VET is directly affected by Bitcoin‘s downtrend. While BTC is down 5.62% at its current 63,942 dollar level, Supertrend’s bearish signal suppresses altcoin rallies. BTCs main supports are 64,309, 62,490, and 60,000 dollars; if these are not held, there is an additional 20-30% drop risk for tokens like VET. Resistances are 65,821, 68,166, and 70,591 dollars; if BTC returns to these levels, VET could test the 0.0077 resistance.

As Bitcoin dominance increases, VET‘s relative strength weakens; therefore, if BTC drops below 62,490, focus on VET’s 0.0066 support. Conversely, if BTC breaks above 65,821, VET could head toward the bullish target with altcoin rotation. This correlation requires prioritizing BTC levels in VET analysis.