- VeChain price is getting wound up as it is stuck trading between two ranges.
- A breakdown of the immediate demand zone ranging from $0.222 to $0.237 could lead to a 9% downtrend to $0.202.
- In case the bulls rescue VET prematurely, a retest of the $0.251 seems likely.
VeChain price shows sideways movement in play after hitting a local top recently. Now, VET approaches a critical demand area, which will decide where it is headed next.
VeChain price to remain range-bound
VeChain price surged nearly 50% between April 16 and April 17, which placed it at $0.251. Since this point, VET movement has been restricted to two barriers, $0.251 and $0.202. VeChain price faces a decisive moment as it approaches a demand barrier that extends from $0.222 to $0.237.
A breakdown of this support will result in a 9% drop to the lower range. However, a successful bounce could push it toward the local top.
The Moving Average Convergence Divergence (MACD) indicator exhibits a bearish bias on the 12-hour chart, suggesting a minor crash could be on its way. The MACD line (orange) has slid below the signal line (blue), forming a bearish crossover. Such a move depicts that the short-term bearish momentum is rising, promoting a drop.
Hence, a breakdown of the said demand will result in a retest of $0.205.
VeChain price is known to defy technical indicators and its up-only bull rally for the past three months signifies that. Hence, it should not surprise investors if VET disregards the MACD’s bearish crossover and proceeds to bounce from the demand zone to retest $0.251.
A decisive close above this level might allow VeChain buyers to propel it 12% toward the 161.8% Fibonacci extension level at $0.281 and beyond.
VET/USDT 12-hour chart
Invalidation of the bullish scenario will occur if VeChain price slices below $0.205 and trades there for an extended period. In such a case, a retest of the lower low at $0.173 seems likely.
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.
Latest Crypto News & Analysis
Editors’ Picks
SafeMoon price eyes a pullback amid oversold conditions before next downswing kicks in
SafeMoon price brought an end to its ten-day-long range trade at lower levels, following a daily closing below the rising trendline support at $0.00000236 that validated a bear flag formation. RSI peeps into the oversold territory, warranting caution for the bears. Therefore, a rebound could be in the offing before SAFEMOON price resumes the next downswing.
Cardano price awaits acceptance above this key hurdle to initiate rally towards $1.45
Cardano awaits a range breakout from two key averages on the 12H chart. An impending bull cross and bullish RSI keep the ADA buyers hopeful. ADA price eyes a rally to 200-SMA at $1.4545 on a firm break above 100-SMA.
XLM price gearing up for a big move above $0.2870
Stellar price is alternating between gains and losses around $0.2800 so far this Saturday, looking out for a strong bullish catalyst to extend the recent uptrend. XLM price remains primed for a bullish breakout from the triangle above $0.2870.
Ethereum Price Prediction: $2500 - a tough nut to crack for amid impending death cross
Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation. However, with the RSI still trending above the midline, the ETH buyers could defy the bearish warning.
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.