VeChain VET price broke a smaller market structure on its recent ascent. On its upcoming price rally, the bulls might push to retest the local top.
On the 4-hour VET/USD chart, VeChain price a brief spike above the 50% Fibonacci retracement support level in the last leg up. Since this point, the VeChain price has dipped lower, creating a higher low. Now, VET price could bounce off the immediate demand zone that ranges from a price of $0.181 to $0.190 or simply head higher.
The VET bulls are aiming to retest the upper boundary at $0.246 in their next rally, which is roughly a 23% climb.
However, this ascent could face resistance support around the previous swing high at $0.222. Therefore, VeChain buyers need to have a substantial volume breakout to have any chances of retesting at $0.246.
If the sellers overwhelm the buying pressure, the second demand support level’s upper trend line at $0.175 could be tested. Such a move will not kill the optimistic narrative if the VET price manages to recover quickly.
While the bullish scenario seems logical, investors should note that a potential price spike in selling pressure or a flash-crash that breaches the $0.163 support level barrier would invalidate the upswing thesis.
Under these conditions, the VET price could slide to $0.159.
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