VeChain's VET token has dropped 0.30% over the past hour to trade at $0.01838. With a market cap of $1.35 billion, VET remains a top 50 cryptocurrency.

Looking at the data, VET has fallen 4.65% over the past 24 hours. The 7-day decline stands at 4.86%, while the monthly drop is smaller at 1.58%. However, VET is down 20.28% over the past 6 months, indicating prolonged bearish momentum.

The hourly 0.30% dip shows sellers remain in control of price action for now. Support may emerge around $0.018, with resistance at $0.019.

What Key Levels Should VET Traders Watch?

On the downside, VET has initial support around $0.018. Below that, the 2022 low near $0.017 comes into focus.

On the upside, resistance is seen around $0.019 (weekly highs), then at $0.021 (2022 highs). A daily close above $0.021 would signal a bullish breakout.

Is VeChain a Good Buy at Current Prices?

VET remains deep in a long-term downtrend, which makes the token unlikely to see significant buying interest in the short-term. Aggressive traders may attempt longs near $0.018 support, but likely with tight stops.

Conservative traders will want to see a break above the downtrend line around $0.021 before anticipating a change in trend. Until then, rallies are likely temporary within the broader downtrend.

In summary, VeChain shows no signs of meaningful reversal yet, remaining in a firmly bearish long-term trend. Traders may find short-term trades in oversold bounces, but key resistance near $0.021 would need to break to signal a bullish shift in momentum.