VeChain/Tether (VETUSDT) Market Overview: Bearish Consolidation with Key Support in Focus

• VET/USDT traded in a 24-hour range of $0.02286–$0.0242 with bearish bias after a failed breakout attempt.
• Momentum weakened as RSI fell below 50 and MACD trended lower with negative divergence.
• Volatility expanded during the session, with price testing 61.8% Fibonacci support on the downside.
• Notional turnover reached $51.9M at peak, but volume declined significantly in the final hours.
• A large 15-minute bearish engulfing pattern formed around $0.0237–$0.02396, signaling possible bearish continuation.

The VeChain/Tether (VETUSDT) pair opened at $0.0237 at 12:00 ET–1 and traded to a high of $0.0242 before closing at $0.02309 by 12:00 ET. The 24-hour price action reflected bearish pressure, with total volume reaching 194.6 million tokens and notional turnover amounting to $48.1 million. A failed breakout above $0.0241 and subsequent bearish engulfing patterns signaled a potential shift in momentum toward the downside.

Price action revealed a key resistance cluster forming between $0.02375 and $0.0241, with volume thinning above $0.02415. A 15-minute bearish engulfing pattern around $0.0237–$0.02396 marked a turning point in sentiment. Key support levels appear at $0.02355 (20-day low) and $0.02325 (Fibonacci 61.8% retracement of the prior bullish wave). A doji formed near $0.02332, hinting at short-term indecision.

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The 20-period and 50-period moving averages on the 15-minute chart remained above price, reinforcing the bearish tilt. MACD displayed a negative divergence, with the histogram contracting while price action continued lower. RSI dropped below 50, reaching as low as 32, indicating oversold conditions, though volume did not confirm strong buying interest at these levels. Bollinger Bands widened significantly during the initial 4–6 hours of the session, with price hovering near the lower band by the close, pointing to increased volatility.

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Volume and turnover diverged in the final 6 hours, with volume averaging $0.6 million per 15 minutes versus an average notional turnover of $0.5 million. A bearish reversal pattern emerged around $0.02375, with volume spiking to $1.4 million, followed by fading participation. Fibonacci levels highlighted a potential bounce zone near $0.02325, where a 15-minute bullish reversal could be watched for a test of buying strength.

Backtest Hypothesis
A potential strategy could involve a short entry at the close of the bearish engulfing pattern around $0.02396, with a stop loss above $0.02415 and a target at the 61.8% Fibonacci level near $0.02325. A long entry could be considered if price retests $0.02325 with strong volume confirmation and RSI above 40. This approach relies on clear trend continuation and volume support at key levels, aligning with the observed MACD divergence and RSI readings.

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