• Vechain price is on the verge of losing a critical support level.
  • A buy signal was presented by an indicator on the 4-hour chart which gives the bulls better odds.

Vechain price peaked at $0.032 on January 6 and has been under consolidation since then dropping to a low of $0.0245. Bulls need to defend a critical support area to avoid a massive Vechain sell-off.

Vechain price could resume uptrend but needs to stay above this level

On the 4-hour chart, the digital asset has dipped to a low of $0.0245 and it seems bulls have defended this level again in the past four hours establishing a higher low at $0.0255.

vet price

VET/USD 4-hour chart

The TD Sequential indicator has also just presented a buy signal on the 4-hour chart which gives the bulls good odds of defending the massive support area between $0.026 and $0.017. 

vet price

VET GIOM

According to the Global In/Out of the Money (GIOM) chart, the area between $0.026 and $0.017 is a crucial point as there is very little support below this range down to practically $0. Bulls must absolutely defend this area for the potential to re-test $0.032.

Falling below this critical support area can be devastating for Vechain. Bears will initially target $0.019 as it is a support trendline on the 4-hour chart, followed by $0.014 which is the lowest support point.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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