- VeChain price looks to continue its ascent as it retests the 50% Fibonacci retracement level at $0.107.
- Even if buyers push VET through $0.107, the upswing will face other hurdles.
- A failure to climb past the immediate ceiling could trigger a pullback to $0.0854.
VeChain price (VET) witnessed a flash crash for the second time in September as Bitcoin and the cryptocurrency market at large tumbled on September 19 and September 20. However, things seem to have turned around temporarily as BTC has sprung back. Despite the quick run-up, the bullish outlook does not appear to be a definitive one.
VeChain price embarks on an uphill battle
VeChain price rose 21% after forming a swing low at $0.085 on September 23. Although the run-up was impressive, VET needs to overcome the 50% Fibonacci retracement level at $0.107. Clearing this key barrier will open the path to a high probability reversal zone ranging from $0.119 to $0.137.
While there is a chance for VeChain price to pierce this area, it is unlikely that the buyers have the momentum to hold above it. Therefore, the upside potential for VET is capped at $0.128. This climb from the current position to $0.128 constitutes a 26% gain.
In a highly bullish case, the buyers might retest $0.137, but a close above it is highly unlikely.
VET/USD 1-day chart
A potential spike in buying pressure might push VeChain price to slice through the 50% Fibonacci retracement level at $0.107, but if the bulls fail to hold VET above this barrier it might indicate a weakness among the buyers.
Such a development could lead to a retracement to the $0.085 support floor. A breakdown of this foothold will set up a lower low and trigger VeChain price to crash to $0.072.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference
Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.
Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September
Ripple has a 25% chance of winning its legal battle against the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Why Solana price is primed for 30% rally
Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.