• VeChain price is pulling back to a stable support barrier to find a footing for its next leg.
  • This move might take VET into the immediate demand barrier that extends from $0.181 to $0.190.
  • Although unlikely, a breakdown of the $0.163 support barrier would invalidate the bullish thesis.

VeChain price broke a smaller market structure on its recent ascent. On its upcoming rally, the bulls might push to retest the local top.

VeChain price primed for higher highs

On the 4-hour chart, VeChain price a brief spike above the 50% Fibonacci retracement level in the last leg up. Since this point, VET has dipped lower, creating a higher low. Now, VeChain price could bounce off the immediate demand zone that ranges from $0.181 to $0.190 or simply head higher.

The bulls are aiming to retest the upper boundary at $0.246 in their next rally, which is roughly a 23% climb.

However, this ascent could face resistance around the previous swing high at $0.222. Therefore, VET buyers need to have a substantial volume breakout to have any chances of retesting $0.246.

If the sellers overwhelm the buying pressure, the second demand level’s upper trend line at $0.175 could be tested. Such a move will not kill the optimistic narrative if VeChain price manages to recover quickly.

VET/USDT 4-hour chart

VET/USDT 4-hour chart

While the bullish scenario seems logical, investors should note that a potential spike in selling pressure or a flash-crash that breaches the $0.163 support barrier would invalidate the upswing thesis.

Under these conditions, VeChain price could slide to $0.159.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin plans to retest all-time highs

Dogecoin price is showing a clean bounce off a critical support area, indicating a resurgence of buyers. The upswing could propel the meme-themed cryptocurrency toward its range high.

More Dogecoin News

SafeMoon Price Prediction: SAFEMOON looks to reset after massive rally

SafeMoon price experienced an explosive run-up on Tuesday after an extended pullback. Now, SAFEMOON looks primed for another retracement after creating a new local top.

More Cryptocurrencies News

Top six cryptocurrencies under $2 that overtake Bitcoin

Bitcoin price has been surging so quickly in the past few years, reaching a high above $64,800. With the rising popularity of decentralized finance (DeFi) and altcoins, many investors consider other cryptocurrencies that may provide better upside and a lower entry price. 

More Cryptocurrencies News

Litecoin could drop lower, but overall structure remains bullish

Litecoin price shows a bearish bias that could result in a sell-off to a pivotal support barrier. A bounce from this level seems likely to push LTC to retest its recent swing high.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP