- VeChain price has been stuck in consolidation for more than two weeks and hints at a bullish continuation.
- VET faces a decisive moment as it approaches the $0.086 hurdle, a break could trigger a 13% ascent.
- A four-hour candlestick close below $0.0761 will invalidate the bullish thesis.
VeChain price is at an inflection point in its journey up as it approaches a crucial hurdle. A successful flip of this resistance level into support will kick off a continuation of the uptrend. A failure, on the other hand, could result in a retracement that will likely undo recent gains.
VeChain price vies to climb higher
VeChain price set up equal highs at $0.0977 on December 4 and December 7. This price action was followed by a 19% correction to $0.0792. VET then spent sixteen days trading around this level, in consolidation mode.
After a few quick sweeps below $0.0792, VeChain price recovered above it and embarked on a 9% ascent to retest the $0.0863 resistance barrier. VET faces a decisive moment here as a successful flip of this level into a support floor will indicate that this uptrend will continue. Sidelined buyers can open a long pilot position from there.
The resulting development will send a signal to sidelined buyers to jump on the bandwagon. Due to the increased bullish momentum, VeChain price will likely rally by 13% to retest the $0.0977 hurdle and collect the buy-stop liquidity resting above it.
VET/USDT 4-hour chart
While the 1st scenario assumes VET can penetrate above $0.0863, a failure to do so might result in a retracement to $0.0792, where buyers will get a second chance to make their comeback. A bounce off the $0.0792 will be the best place to open a long position or add to the previously existing position.
A lack of bullish momentum, however, could result in VeChain price falling through this support floor, and revisiting $0.0761. A four-hour candlestick close below this level will create a lower low, invalidating the bullish thesis.
If the selling pressure persists, VET could crash 8% to $0.070.
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