VeChain retests its falling wedge breakout as selling pressure intensifies. Can VET hold above $0.020, or will a drop to $0.018 follow?

With the altcoin market down 2% this week, VeChain is facing renewed selling pressure. After an 8% decline on April 15, the bearish trend continues, with VET registering a 3.57% intraday drop.

Currently, the VeChain token is retesting the breakout from a falling wedge pattern. However, growing supply pressure suggests a deeper correction toward $0.018 could be on the horizon.

VeChain Price Analysis Warns $0.020 Breakdown

On the daily chart, VET shows a breakout from a falling wedge pattern. However, the breakout rally failed to surpass the 50-day EMA near $0.025. Two consecutive Doji candles over the weekend signal market uncertainty.

Bears have regained control, forming an engulfing red candle with an 8% drop, completing an evening star pattern. The bulls’ failure to break above the 50-day EMA coincides with rejection at the 78.6% Fibonacci level at $0.02574.

Currently, VET trades at $0.02173, holding just above the broken resistance trendline. As the failed breakout takes a bearish turn, the daily RSI has dipped below the midpoint, indicating weakening bullish momentum.

This increases the likelihood of a new downswing. Furthermore, the 50-day, 100-day, and 200-day exponential moving averages remain in a bearish alignment.

New Partnerships Add Credibility and Support

Despite price volatility, VeChain has secured several high-profile partnerships over the past week, reinforcing its credibility in the market.

In a recent post, crypto analyst Michael Van De Poppe praised VeChain’s partnership with UFC CEO Dana White, who joined as an official advisor.

This could pave the way for further influential partnerships. Additionally, the analyst highlighted VeChain’s collaboration with 4ocean, aiming to combat plastic pollution through blockchain technology.

$VET keeps on delivering!

A massive partnership with Dana White, which might indicate more partnerships and connections are on the horizon.

Last week: Partnership with 4ocean, tackling plastic waste through blockchain.

I think that #VeChain is one to watch going into VeChain… https://t.co/p2f7LJlo8t

— Michaël van de Poppe (@CryptoMichNL) April 16, 2025

Analyst Targets 150% Surge in VeChain

Fueling hopes for a breakout rally, crypto analyst Jonathan Carter mapped the falling wedge breakout on the daily chart. According to his analysis, VeChain may be primed for a high-momentum bull run.

Key resistance levels lie at $0.0275, $0.040, $0.048, and $0.057. Based on these levels, the analyst projects an upside potential of up to 150%.

VET Price Targets

According to Fibonacci levels on the daily chart, a breakdown below the $0.020 psychological level could send VET to the $0.018 baseline.

On the flip side, a bullish turnaround after this retest could push VET beyond the 78.6% Fibonacci retracement at $0.025. In that case, the uptrend may extend to the 50% Fibonacci level at $0.038.