VeChain (VET) Faces Bearish Sentiment in Risk-Off Market

VeChain (VET) has been experiencing a decline in value due to the current risk-off market environment. The cryptocurrency's price stands at $0.00768, with key support levels at $0.00753, $0.00700, and $0.00650 being tested.

The technical indicators suggest that VET is currently bearish, with a 50% probability of further decline. However, there is also a possibility for a bullish reversal if market conditions improve. The Relative Strength Index (RSI) is at 43.15, suggesting neither overbought nor oversold conditions, but the persistent downtrend hints at further downside potential.

Traders are advised to maintain positions limited to 1-2% of their portfolio to minimize exposure. The recommended timeframe for holding current positions is up to 4 weeks. A cautious approach is warranted, and traders may consider entering positions between $0.00750 and $0.00770 with a stop loss at $0.00730.