VeChain Price Prediction: VET bulls have two support levels to defend to avoid 30% correction

The VeChain price has shown textbook adherence to the ascending parallel channel. Now, a retracement seems likely if bulls fail to defend crucial levels.

VeChain price looks to form a lower low

Since late December 2020, VeChain price has set up multiple higher highs and higher lows, which form an ascending parallel channel when connected via trend lines. Overall, this is a bearish pattern, but VET’s bull run seems to be encapsulated within this technical formation.

The recent swing low created on February 28 resulted in a 172% upswing that produced the latest pivot high. Now, as the VeChain price reverses, a bearish scenario looms. However, the buyers can prevent this from happening and push for one last leg up if the SuperTrend indicator’s buy signal around $0.081 is preserved.

If this level fails, bulls can give the upswing another chance from the subsequent demand barrier at $0.074, coinciding with MRI’s State Trend Support. It would be rather grim for VeChain bulls if both the levels are breached.

Investors can expect the VeChain price to retrace 20% toward $0.059 if the aforementioned support barriers are broken. This target coincides with the 61.8% Fibonacci retracement level, and the correction is likely to stop here.

VET/USDT 12-hour chart

Investors need to pay close attention to $0.081 and $0.074. There is a high likelihood that the VeChain price will give the upswing another try from these levels.

If the bulls manage a decisive close above the $0.085 level, a 27% upswing to $0.109 coinciding with the 127.2% Fibonacci extension level seems more than likely.