Date: Sun, April 06, 2025 | 06:15 AM GMT
The cryptocurrency market has been under pressure since the first quarter of 2025, with Ethereum (ETH) logging its worst Q1 performance since 2018—down 45%. This steep decline has spilled over into the altcoin market, dragging many tokens into deep corrections.
Among the hardest-hit are top altcoins VeChain (VET) and Injective (INJ), which have dropped 57% and 68% respectively over the past 90 days. However, technical setups on both charts are now pointing to potential reversals.
VeChain (VET)
VeChain’s daily chart paints a textbook falling wedge pattern—a structure often linked to bullish reversals. Since its rejection at the $0.080 level on December 3, VET has fallen more than 70%, bottoming at $0.02074 on April 3.
As of now, VET is trading at $0.022 and pressing against the wedge’s upper resistance. A breakout from this zone, especially one backed by strong volume and a successful retest, could open the door for a move toward $0.030, aligning with the 50-day moving average (MA).
If the rally strengthens, a continuation toward $0.036 and even $0.048—near the 100-day MA—is possible. That would represent a potential 92% rally from current levels.
Injective (INJ)
INJ mirrors a similar structure, with a clear falling wedge that formed after its rejection at $35.25 on December 6. The token plummeted 77%, reaching a low of $7.99 on April 3.
Now hovering around $8.18, INJ is testing the upper trendline of the wedge. A breakout above this resistance could spark a rally toward $12.45, where the 50-day MA currently resides, and potentially extend to $15.60.
Should the breakout gain traction, INJ may eye the $16.81 zone near the 100-day MA, which would represent a 103% gain from today’s price.
Breakout or Consolidation?
Both VET and INJ are positioned at key inflection points, forming falling wedge patterns—a classically bullish setup. The price action over the next few days will be critical in determining whether these assets confirm breakouts or fall into further consolidation.
- A decisive move above the wedge resistance with strong volume could signal a trend reversal and invite further upside.
- On the flip side, failure to break out may result in continued sideways action or even another leg lower, especially if broader market conditions remain weak.
Ultimately, the macro trend, led by Ethereum and Bitcoin, will likely decide whether this is the beginning of a bullish reversal or just a pause before further downside.
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