Is the new partnership strategy the right way for Vechain price to avoid a 30% correction?
- Vechain price is experiencing a firm rejection to the upside this week.
- VET is set to tumble as the bears took over from the bulls last week.
- With several new partner and team announcements, VET is trying to change and find synergies.
Vechain Price (VET) had a busy week with the announcement of several new partnerships. Besides the integration with Dappradar to promote cross-channel visibility, the partnership with Boston Consulting Group might be the one that gets the most attention. The price of Vechain, however, is not taking this news in a good way and instead is likely to fall further.
Vechain Price May Break Important Support Below
Vechain price struggled this week as it was initially on course to break above the 55-day simple moving average (SMA) earlier this week. Instead, Bitcoin and altcoins pulled back and crashed across the board around Friday. Financial crisis ripples through altcoins as SVB crash shows if US deposit insurance scheme supports crypto deposits.
VET, however, tried to stem investor positivity by announcing a series of new partnerships. Investors pushed the price action lower and flirted with a break below the 200-day SMA. If the 200-day SMA is broken and new lows are in the works next week, expect a long-term sell-off that could take Vechain price towards $0.016.
VET/USD weekly chart
Confidence might start to recover as no real issues were mentioned this week, which would put a spotlight back on the broad partnerships that Vechain has entered into. Vechain price could be seen flirting with the breakout of the 55-day SMA on the upside. Although quite a long way off, VET can be re-priced to $0.035 once partnerships start paying.
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