Market Overview for VeChain/Tether (VETUSDT) – 2025-11-06

• VETUSDT broke key support, with a 1.8% decline from the 24-hour high.
• RSI entered oversold territory, hinting at potential short-term bounce.
• Volatility spiked early, then narrowed, with price consolidating near the 15-min MA 20.
• A bearish engulfing pattern formed near the 0.01525 level, signaling bearish momentum.
• Notional turnover surged at 21:00 ET, aligning with a sharp pullback and increased bearish pressure.

VeChain/Tether (VETUSDT) opened at 0.01512 on 2025-11-05 at 12:00 ET, reached a high of 0.01531, a low of 0.01455, and closed at 0.01479 at 12:00 ET on 2025-11-06. The 24-hour total volume was ~149,352,655.5, and total turnover was ~2,293,168.46.

The candlestick pattern over the last 24 hours indicates a bearish bias, particularly in the afternoon hours. A bearish engulfing pattern formed at 20:30 ET, confirming downward momentum. Price tested the 0.01505 support twice before breaking it decisively in the early hours of 2025-11-06. The 15-minute chart shows the price settling just below the 20-period MA, while the 50-period MA has been trending lower, indicating a weakening bullish trend.

Structure & Formations

Key support levels emerged at 0.01505, 0.01494, and 0.01483, with the latter showing increased buying pressure as the price bounced slightly. Resistance levels at 0.01515 and 0.01525 failed to hold as bears took control. A doji formed at 03:15 ET, indicating indecision after a sharp upward correction. The bearish engulfing pattern at 20:30 ET is a strong bearish signal, especially as it formed on high volume.

Moving Averages

On the 15-minute chart, the 20-period MA is at 0.01508 and the 50-period MA at 0.01506, both sloping downward. The price closed below both lines, suggesting continued bearish momentum. On the daily chart, the 50-period MA is at 0.01512, the 100-period MA at 0.01515, and the 200-period MA at 0.01518. The price is now below all three, indicating a potential continuation of the bearish trend.

MACD & RSI

The MACD line has been negative for much of the 24-hour period, with the signal line crossing below it in the early morning. RSI dipped into oversold territory, hitting 27.6 at 04:00 ET, suggesting a potential short-term bounce. However, RSI has not shown a convincing reversal yet, and the bearish divergence between price and RSI suggests caution.

Bollinger Bands

Volatility was high in the early hours of 2025-11-06, with the Bollinger Bands widening. Price later consolidated within the bands, settling just below the 20-period MA. The lower band is now at 0.01472, and the price is near this level, suggesting a potential support area to watch. A break below could lead to further consolidation toward the 0.01462 level.

Volume & Turnover

Volume spiked at 21:00 ET as the price broke through 0.01505, confirming bearish momentum. The highest notional turnover was seen at 22:30 ET, with 221,8319.5 traded at 0.01512. Price and volume moved in alignment, supporting the bearish thesis. However, divergence appears in the late hours with declining volume despite lower prices, hinting at exhaustion or potential near-term stabilizing.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 0.01531 to 0.01455, the 0.01505 level corresponds to the 38.2% retracement. The 0.01483 level aligns with the 61.8% retracement and may act as a key area for support. On the daily chart, the 50-day range retracement shows the price sitting at the 57% level, suggesting further downward movement is likely if momentum continues.

Backtest Hypothesis

Given the bearish engulfing patterns observed in the VETUSDT candlestick data, a backtesting strategy could be implemented using this setup to evaluate its profitability. This approach involves identifying the pattern using daily OHLC data and entering a short position at the next day's open, with an exit at the close. This aligns well with the observed bearish momentum in the recent session, particularly around 20:30 ET, where the bearish engulfing pattern formed. Such a strategy could be applied to VETUSDT to validate its potential as a bearish signal in a broader market context.