VeChain Price Forecast: VET could slide 16% if this critical demand barrier is broken

  • VeChain price might initially crash to $0.075 if it fails to produce a decisive close above $0.093.
  • If bulls manage to slice through $0.075, it would confirm a bearish outlook and prompt a 16% sell-off toward $0.063.
  • However, if VET bulls reclaim $0.093, an 18% upswing seems likely.

The VeChain price could tumble lower if the bulls fail to climb above a crucial supply barrier.

VeChain price at an inflection point

The VeChain price has been on a massive bull run for almost five months, resulting in 20x returns. Now, this run-up could be facing extinction as it approaches a make-or-break point.

VET has failed to pierce the 161.8% Fibonacci extension level at $0.093 for more than a week. This move reveals excessive profit-booking. A spike in selling pressure here could trigger a 16% sell-off toward the Momentum Reversal Indicator’s (MRI) State Trend Support at $0.075.

Interestingly, this level coincides with the 50 Simple Moving Average (SMA) on the 12-hour chart. Hence, this level is crucial in determining the fate of VET price.

If this demand barrier crumbles due to any reason, it would be fatal for VeChain price. A 16% crash to $0.063 coinciding with the 78.6% Fibonacci retracement level is possible if VET manages to close below $0.075.

Adding credence to this bearish outlook is the SuperTrend indicator’s sell signal that flashed on March 25.

VET/USDT 12-hour chart

VET/USDT 12-hour chart

A bullish scenario could evolve around two levels, $0.093 and $0.075. If the bulls push the VeChain price to form a decisive close above $0.093, aka the 161.8% Fibonacci extension level, an 18% upswing to $0.11 seems likely.

On the other hand, a bounce from the State Trend Support at $0.075 is also a plausible scenario. In such a case, VET price could see its price climb toward $0.093.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

SafeMoon ready to bounce after 30% bearish fakeout

SafeMoon price action is nearly singular in its current behavior and structure. Very few, if any, significant altcoins have displayed the kind of price behavior SafeMoon has. SafeMoon price faced a strong sell-off during the early part of the Tuesday.

More SafeMoon news

Solana price positioned for new bull rally towards $275

Solana price has hugged the top of the Cloud as its primary support level for the past week. The respect of Senkou Span A as support has resulted in SOL moving and closing above one of the 2 Ichimoku levels necessary to confirm a new uptrend.

More Solana news

Ethereum price builds the momentum to hit new all-time highs

Ethereum price is up more than 16% for the week, reflecting a resurgence of buying pressure despite the last three weeks of uncertainty. Point and Figure Analysis indicates a bullish entry opportunity is present. The outperformance of Bitcoin is likely to be sustained.

More Ethereum news

Axie Infinity user converts Magic Internet Money to earn over $82,000 a year

A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price. The play-to-earn blockchain ...

More Axie Infinity news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!