- VeChain price is retesting one of two crucial support levels at $0.103, hinting at restarting an uptrend.
- The resulting upswing could extend up to $0.144, a 40% rise from $0.103.
- A breakdown of the demand barrier at $0.0907 will mark the start of a new downtrend.
VeChain price is retracing to a stable demand barrier as the previously sparked rally failed to breach past the immediate swing high. The retest of this support level might spark a bull rally, allowing it to cut through massive overhead barriers.
VeChain price retest of old highs
VeChain price slid roughly 30% from $0.153 to $0.106 over the past week. VET waits for the bearish momentum to dissipate as it treads closer toward the support level at $0.102.
Although unlikely, investors can expect a sweep of the subsequent support level at $0.092 before kick-starting the potential run-up.
The buyers will face stiff resistance at the 50% Fibonacci retracement level at $0.129. Breaching this barrier might allow the bulls to extend up to $0.144 or the 62% Fibonacci retracement level.
The leg-up from $0.102 to $0.144 is roughly 40%, but investors need to observe $0.115 and $0.120 levels present in the said range. VeChain price rally is likely to slow down or halt at these levels if the buyers fail to follow through.
VET/USDT 4-hour chart
The upside for VeChain price is well-defined, but the downside has a relatively meager price action and, hence, fewer levels.
Although a sweep of $0.092 is likely, a convincing 4-hour candlestick close below this barrier is extremely bearish. If such a move were to follow a breakdown of $0.091, the bullish thesis would face invalidation.
Under these circumstances, investors can expect VET to slide 25% to the range low at $.0655.