VeChain VET price performance has been splendid after the May 19 crash. After forming a tight range, the VET price stayed above the equilibrium point, hinting at bullish pressure. However, as the entire market shifted to the bearish sentiment on June 20, the VeChain price crashed.
Now, the altcoin price is trying to make a comeback as it consolidates in a tight range.
VeChain VET price went from $0.1 to $0.0596 as it crashed roughly 40% between June 20 and June 22. After forming a temporary bottom at a price of $0.0596, VET rallied 40% and was on the verge of full price recovery, but investors began booking profits, resulting in a minor pullback.
Although unsure if this retracement is completed, investors can expect a bounce back from the support barrier at a price of $0.657. If the buying pressure continues to build up, leading to a breach of the consolidation, the bulls might target $0.088 and $0.0984 level, which is roughly 30% away from the current position, $0.077.
In a highly bullish case, the 50% Fibonacci retracement level at a price of $0.103 could be tagged.
While things seem to be going in the right direction for VeChain VET price, market participants need to note that a breakdown of the support level at a price of $0.0657 not only indicates weak buying pressure but also invalidates the bullish thesis.
If this were to happen, the VET price would likely retrace 18% to tag the range low at $0.0538.
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