VeChain VET price retraces to a stable demand level as investors book profits after a minor upswing. VET price will face an uphill battle with multiple swing highs to take out. Therefore, investors can expect this VET rally to be a slow run-up.
VeChain price slid nearly 11% from a price of $0.122 to $0.109 over the past 24 hours. VET price awaits the formation of a higher low, which suggests a potential price upswing could be developing.
Although unlikely, investors can expect a sweep of the support level at a price of $0.102 before kick-starting the potential run-up.
The buyers will face a stiff resistance level at $0.115 and $0.120 before facing the 50% Fibonacci retracement level at a price of $0.129. Breaching these support barriers will signal the start of an uptrend and signal the sidelined investors to jump aboard.
If this were to happen, the VeChain VET price might tag the swing high formed on June 7 at $0.136 and the local top at a price of $0.141 set up on June 5.
VET price might extend the rally to $0.144 or the 62% Fibonacci retracement level if the buyers continue to bid.
The leg-up from the current position, $0.11 to $0.144, is nearly 30%, but investors need to keep a close eye on the $0.115 and $0.120 levels, which might hinder the progress. VeChain VET price rally is likely to halt at these levels if the buyers fail to follow through.
The downside for VET price is relatively empty; therefore, a breakdown of the support barrier at $0.092 could trigger a steep sell-off.
In a bearish case, if VET produces a decisive 4-hour candlestick pattern close below $0.092, market participants could expect a swift 30% crash to the range low at $.0655.
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