- VeChain price is retesting one of two crucial support levels at $0.103, hinting at restarting an uptrend.
- The resulting upswing could extend up to $0.102 or a 40% rise from $0.103.
- A breakdown of the demand barrier at $0.0907 will mark the start of a new downtrend.
VeChain price is retracing to a stable demand barrier as the previously sparked rally failed to breach past the immediate swing high. The retest of this support level might spark the bull rally allowing it cut through massive overhead barriers.
VeChain price retest of old highs
VeChain price slid roughly 30% from $0.153 to $0.106 over the past week. VET waits for the bearish momentum to dissipate as it treads closers toward the support level at $0.102.
Although unlikely, investors can expect a sweep of the subsequent support level at $0924 before kick-starting the potential run-up.
The buyers will face stiff resistance at the 50% Fibonacci retracement level at $0.129. Breaching this barrier might allow the bulls to extend up to $0.1444 or the 62% Fibonacci retracement level.
The leg-up from $0.102 to $0.144 is roughly 40%, but investors need to observe $0.115 and $0.120 levels present in the said range. VeChain price rally is likely to slow down or halt at these levels if the buyers fail to follow through.
VET/USDT 4-hour chart
The upside for VeChain price is well-defined, but the downside has a relatively meager price action and hence, fewer levels.
Although a sweep of $0.0924 is likely, a convincing 4-hour candlestick close below this barrier is extremely bearish. If such a move were to follow a breakdown of $0.0907, the bullish thesis would face invalidation.
Under these circumstances, investors can expect VET to slide 25% to the range low at $.0655.