On the daily chart, VeChain’s price action indicates a continuing downtrend. This bearish phase began with a rejection near the psychological $0.050 mark, leading to a downturn from $0.051.
This increasing bearish pressure has created both primary and secondary resistance trend lines, resulting in a bearish alignment among the crucial daily EMAs. At present, the 50, 100, and 200-day EMAs exhibit a bearish configuration.
Moreover, changes in underlying dynamics have formed a declining support trend line, completing a falling channel pattern. Based on Fibonacci levels, the recent bullish cycle from $0.0199 tested the overhead resistance trend line close to the 73.60% Fibonacci level at $0.02736.
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