VeChain Price Prediction: VET rally might correct as multiple time frames flash ‘sell’


  • VeChain price has surged nearly 85% in the last two weeks, setting a new all-time high at $0.160.
  • The 1-day and the 4-hour time frame both hint at an overextended rally, suggesting a minor pullback
  • Two demand zones ranging from $0.142 to $0.147 and $0.126 to $0.13 are areas of interest for this correction.

VeChain price has seen a tremendous increase over the last couple of months due to the parabolic rally. However, now VET bears could run amok as bulls take a breather.

VeChain price due for retracement

VeChain price has rallied more than 310% since March 2021. This bull run might face temporary exhaustion of buying pressure and result in a minor correction.

On the daily chart, the VET bulls have ignored the Momentum Reversal Indicator’s (MRI) reversal signal in the form of a red 'one' candlestick. If this momentum continues to persist, the VeChain price could tap the immediate breakout line at $0.17 after rising 7%.

Following this move, a retracement to the immediate support level at $0.147 seems likely. If the short-term bearish momentum overwhelms the buyers here, the pullback could extend toward the 78.6% Fibonacci retracement level at $0.128.

The bearish thesis becomes more evident on the 4-hour chart, where the VET price is already testing the MRI’s breakout line at $0.158. A failure to close above this will see VeChain drop to the immediate demand zone ranging from $0.142 to $0.147.

However, it is unlikely that this level will hold if the selling pressure increases. In such a case, a VeChain price might drop to the subsequent support zone that extends from $0.126 to $0.13. If the bulls decide to keep the parabolic rally alive, this area would be the best place to start.

Adding credence to the bearish outlook are the multiple A, B and C extensions, which suggest that VET’s upswing is overextended and needs to cool off before proceeding higher.

VET/USDT 1-day and 4-hour charts

VET/USDT 1-day and 4-hour charts

The bearish thesis will face invalidation if the buyers slice through the breakout line at $0.17 on the daily chart.

In this scenario, the rally could extend to the 127.2% and the 141.4% Fibonacci extension levels at $0.177 and $0.194, respectively.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Ripple to set the stage for 18% gains

XRP price formed the second peak on June 14, indicating the formation of a double top. As a result, Ripple is starting to decline, heading toward an immediate support level.

More Ripple News

Ethereum price isn't out of the woods just yet, ETH targets $2,300 first

Ethereum price seems prime for rejection. A spike in selling pressure could see ETH drop to $2,300. Only a break above $2,700 might delay the bearish outlook. 

More Ethereum News

Bitcoin to test $49,000, suggest technicals and on-chain metrics

Bitcoin price flashed a buy signal on the weekly chart. The bullish formation has helped BTC rebound from the $30,000 support level. Further buying pressure could push the pioneer cryptocurrency to $49,000.

More Bitcoin News

Shiba Inu ready to reverse to $0.0000050

SHIB price faces stiff resistance ahead. A spike in selling pressure could send Shiba Inu drop to $0.0000050. Only a 4-hour candlestick close above $0.0000080 could save the memecoin. 

More Shiba 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