- VeChain price shows the formation of a higher low, indicating a reversal in trend.
- A 30% upswing to $0.144 seems likely if $0.129 is shattered.
- VET will turn bearish if the bears produce a decisive close below $0.0924.
VeChain price retraces to a stable demand level as investors book profits after a minor upswing. VET will face an uphill battle with multiple swing highs to take out. Therefore, investors can expect this rally to be a slow run-up.
VeChain price needs to reclaim a critical supply barrier
VeChain price slid nearly 11% from $0.122 to $0.109 over the past 24 hours. VET awaits the formation of a higher low, which suggests a potential upswing could be developing.
Although unlikely, investors can expect a sweep of the support level at $0.102 before kick-starting the potential run-up.
The buyers will face stiff resistance at $0.115 and $0.120 before facing the 50% Fibonacci retracement level at $0.129. Breaching these barriers will signal the start of an uptrend and signal the sidelined investors to jump aboard.
If this were to happen, VeChain price might tag the swing high formed on June 7 at $0.136 and the local top at $0.141 set up on June 5.
VET might extend the rally to $0.144 or the 62% Fibonacci retracement level if the buyers continue to bid.
The leg-up from the current position, $0.11 to $0.144, is nearly 30%, but investors need to keep a close eye on the $0.115 and $0.120 levels, which might hinder the progress. VeChain price rally is likely to slow down or halt at these levels if the buyers fail to follow through.
VET/USDT 4-hour chart
The downside for VeChain price is relatively empty; therefore, a breakdown of the support barrier at $0.092 could trigger a steep sell-off.
In a bearish case, if VET produces a decisive 4-hour candlestick close below $0.092, market participants could expect a swift 30% crash to the range low at $.0655.
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.
Recommended Content
Editors’ Picks
Worldcoin Price Prediction: Is WLD done with uptrend after 77% rally?
Worldcoin has paused its uptrend as it currently trades at $1.57. This move comes after the altcoin rallied a whopping 77% in just three days, between September 13 and 16. As WLD hovers aimlessly, investors need to be patient to catch the next volatile move.
Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2
Ethereum (ETH) price is likely going to witness a massive spike in volatility soon due to the circumstances surrounding the approval of the token’s futures Exchange-Traded Fund (ETF). According to Twitter users, the ETF is likely going to be approved on October 2.
Ripple Price Forecast: Declining network growth and underwater XRP holders suggest more downside for XRP price
Ripple (XRP) price shows a lack of buying pressure after its win against the US Securities and Exchange Commission (SEC) on July 13. Since then, the remittance token has been on a downtrend. Considering Ripple’s current position, a further decline would not be surprising.
Chainlink Price Prediction: LINK bears set to wipe 25% gains
-637336005550289133_XtraSmall.jpg)
Chainlink price shows an exhaustion of the bullish momentum as it approaches a key reversal zone. This development could see LINK trigger a steep correction that could undo recent gains.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.