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VeChain Price Prediction: VET might retrace 18% before establishing new uptrend

  • 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

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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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