VeChain price eyes 20% upswing as VET bounces off the buy zone
- VeChain price successfully tested the buy zone, extending from $0.097 to $0.11, triggering an uptrend.
- A decisive close above $0.12 will confirm a rally and propel VET by 20% to $0.146.
- A daily close below $0.095 will invalidate the bullish thesis by creating a lower low.
VeChain price has been on a downtrend for the past three weeks and is showing signs of a reversal. Clearing a crucial barrier that VET is currently grappling with will confirm the start of this uptrend.
VeChain price to reclaim old highs
VeChain price dropped 44% from $0.18 to $0.10 between November 9 and November 28. This correction pushed VET straight into the buy zone, stretching from $0.097 to $0.11. This area is where high probability reversals occur, and as seen, VeChain price has already rallied 16% to where it currently trades - $0.12.
As VET hovers around the 50% retracement level at $0.12, market participants should wait for a daily close above it to enter long. This move will help solidify the upswing and trigger a 20% ascent to $0.146.
Clearing this level with enough buying pressure to spare will see VeChain price make a run for the range high at $0.16. In some cases, VET could sweep the swing highs at $0.17 and $0.18 to collect liquidity resting above them.
Therefore, investors can expect anywhere between a 20% to 30% upswing for VET.
VET/USDT 12-hour chart
While things are looking decent for VeChain price, a retracement to $0.10 or $0.097 on VET would provide investors with another buying opportunity.
However, if VeChain price produces a daily close below the range low at $0.081, it will invalidate the bullish thesis.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
