- VeChain price bounced off the $0.085 support floor on September 29 and rose 43%.
- After a minor downswing, VET is ready to retest $0.119 and collect liquidity resting above $0.128.
- A breakdown of the $0.102 support floor will end the bullish outlook.
VeChain price continues to trend higher despite the consolidative nature of the cryptocurrency market. While VET is displaying a bullish outlook, its upside remains capped by a crucial resistance barrier.
VeChain price looks to collect liquidity
VeChain price rose roughly 43% from September 29, shattering the 50% Fibonacci retracement level at $0.107. After a quick retest of this barrier, VET is showing strength and the affinity to climb higher.
The 62% Fibonacci retracement level at $0.119 will be the resistance the VET bulls will encounter. Clearing this hurdle will allow VeChain price to tag the $0.124 resistance level and collect the buy stop liquidity resting above it and the subsequent resistance level at $0.128, coinciding with the 70.5% Fibonacci retracement level.
If the big crypto continues to climb toward $53,000, it is likely VET might retest the next barrier at $0.137. However, in a highly bullish case, VeChain price might revisit the range high at $0.158, constituting a 40% ascent from the current position.
VET/USDT 1-day chart
While things are looking up for VeChain price, a failure to break through the $0.119 barrier will indicate that the run-up after a retest of $0.107 was a fluke. In this case, VET might break below $0.107 and retest $0.102.
A breakdown of this support level will invalidate the bullish thesis and send the VeChain price crashing by 16% to $0.085.
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
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.