VeChain VET Faces Critical Support Test After 5% Drop

VeChain''s native token VET dropped 5% intraday after failing to break through the 50-day exponential moving average, indicating weakening bullish momentum. Derivatives markets show declining trader interest, raising risks of a fall below the key $0.02199 support level.

The altcoin''s attempt to recover from last week''s 16% rally stalled at major resistance, with Wednesday''s 4.87% drop wiping out recent gains. Technical indicators present mixed signals—while the MACD shows flattening momentum lines, the sustained downtrend across all major EMAs confirms bearish control in higher timeframes.

Current price action at $0.02222 suggests an imminent retest of the $0.02199 support. Traders are watching for either a decisive breakdown that could extend the correction or a reversal that may create accumulation opportunities at these lower levels.