- VeChain price shows the formation of a higher low, indicating a reversal in trend.
- A 30% upswing to $0.144 seems likely if $0.129 is shattered.
- VET will turn bearish if the bears produce a decisive close below $0.0924.
VeChain price retraces to a stable demand level as investors book profits after a minor upswing. VET will face an uphill battle with multiple swing highs to take out. Therefore, investors can expect this rally to be a slow run-up.
VeChain price needs to reclaim a critical supply barrier
VeChain price slid nearly 11% from $0.122 to $0.109 over the past 24 hours. VET awaits the formation of a higher low, which suggests a potential upswing could be developing.
Although unlikely, investors can expect a sweep of the support level at $0.102 before kick-starting the potential run-up.
The buyers will face stiff resistance at $0.115 and $0.120 before facing the 50% Fibonacci retracement level at $0.129. Breaching these barriers will signal the start of an uptrend and signal the sidelined investors to jump aboard.
VET might extend the rally to $0.144 or the 62% Fibonacci retracement level if the buyers continue to bid.
The leg-up from the current position, $0.11 to $0.144, is nearly 30%, but investors need to keep a close eye on the $0.115 and $0.120 levels, which might hinder the progress. 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 downside for VeChain price is relatively empty; therefore, a breakdown of the support barrier at $0.092 could trigger a steep sell-off.
In a bearish case, if VET produces a decisive 4-hour candlestick close below $0.092, market participants could expect a swift 30% crash to the range low at $.0655.