VeChain analysis: anticipating a drop to 0.0212 support level

VeChain is retreating and dropped more than 5% since yesterday after making considerable gains since last month. Price made a lower low and will possibly further drop in the coming days.

Price has formed a bearish market structure on the hourly time frame. I will wait for the price to retrace to the 0.02537 newly formed resistance level before entering a sell trade and my target for this trade would be the 0.0212 support level.

Price has also created an imbalance and bearish order block around the 0.02537 resistance level, which also indicates a potential drop from that level. The price will likely go up to fill the imbalance and retrace to the order block before the drop.

Fundamentally, the Non-farming payroll (NFP) data on the US dollar will be published tomorrow which could impact the market substantially. If the data turns out positive the price of VET/USDT will possibly drop and if the data turns out positive the price of VET/USDT will likely go up.

•  The price of  VET/USDT will possibly drop to the $0.0212 support level in the coming days.
• The price will possibly retrace to the $0.02537 support level before the drop.
• Multiple take-profit levels have been added to secure profit along the way.
• The risk-to-reward ratio on this trade is 1:3.8.
• The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
• Good luck!

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