VeChain (VET) Faces Selling Pressure After Breaking Major Support Level

• VeChain (VET) breaks below a crucial support trend line, signaling potential continuation of bearish momentum.
• Analyst Alpha Crypto Signal notes recovery is possible only if VET reclaims its breached support level.
• VET Builders release an educational tutorial showcasing a simplified blockchain registration system using VET tokens.

VeChain (VET) is showing early signs of weakness as it has lost an important level of support. The new VeChain tutorial shared by VET Builders shows that the VeChain network continues to work on ease of blockchain development. However, it has been suggested that recovery may only be possible if VET manages to reclaim the breached trend line.

At the time of writing, VET is trading at $0.01729, with a 24-hour trading volume of $53.52 million and a market capitalization of around $1.49 billion. Over the last 24 hours, the token has seen a 2.46% decline, reflecting a cautious sentiment in the market.

Source: CoinMarketCap

VeChain Builders Launch New Tutorial Guide

In a new update from VeChain Builders, they released a new educational video titled “How to Build a Registration System with Fees on VeChain.” The video shows users exactly how to build a system that includes a payable function that costs 1 VET for registration.

Checks to ensure the wallet has not been registered before, and stores data for a student. All of this has been accomplished within the framework of correct access management.

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VeChain Price Turns Bearish After Breakdown

From a technical perspective, a well-known crypto analyst, Alpha Crypto Signal, highlighted that VET has fallen below the trend line support on the 4-hour chart. The said area has been known to serve as a strong support for VET to recover.

Source: X

The recent break below the trend line supports that VET has lost short-term momentum. As long as VET stays below that area, it remains bearish.

However, this may change if VET shows the ability to reclaim the trend line via strong volume confirmation. The successful retest of the trend line may serve as an indication of renewed buying activity and initiate a recovery cycle. For now, investors should exercise caution on long positions as the markets look for better guidance.

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