- VeChain price rallied close to retest of the range high at $0.153 but came up short.
- An 18% retracement that tags the trading range’s midpoint at $0.106 seems likely before a new leg-up.
- The resulting upswing from $0.106 could propel VET through $0.153 and tag $0.172.
VeChain price is hovering just below a crucial resistance level after its recent run-up. Due to the lethargic nature of the cryptocurrency market, VET might retrace before heading on a new uptrend.
VeChain price faces a tough decision
VeChain price rallied 40% from August 12 through August 16 as it set up a swing high at $0.145, just below the range high at $0.153. Although a sweep above $0.153 would have been a better scenario, investors can expect a retracement before the next leg-up.
The pullback has two support levels at $0.122 and $0.116, where the buyers can make a comeback, with the last line of defense being the 50% Fibonacci retracement level at $0.106.
A resurgence of buyers at any of these levels will propel VET to slice through $0.122 and take another jab at tagging the range high at $0.153.
If the bulls produce a decisive 12-hour candlestick close above $0.153, it will indicate an increased bullish momentum and open the path for further gains.
In an optimistic case, VeChain price might rally another 12% to retest the $0.172 resistance barrier.
VET/USDT 12-hour chart
On the flip side, a breakdown of the $50% Fibonacci retracement level at $0.106 will indicate a weakness among buyers. However, if the selling pressure pushes VeChain price to shatter the $0.095 support barrier, it will invalidate the bullish thesis and, in some cases, catalyze a 17% downswing to $0.079.
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.