VeChain price nears crucial support as VET prepares for 35% breakout

VeChain price nears crucial support as VET prepares for 35% breakout
  • VeChain price is close to retesting the $0.086 support level after failing to set higher highs.
  • A potential increase in buying pressure around this area will likely propel VET by 35% to retest the $0.118 resistance barrier.
  • A breakdown of the $0.079 support floor will create a lower low, invalidating the bullish thesis.

VeChain price has remained in a lull despite many altcoins’ remarkable recovery. The altcoin’s attempt to push through and produce a higher high was foiled, resulting in a retracement to an immediate support level. This correction to support will likely provide the platform for a recovery that will propel VET to pre-crash levels.

VeChain price vies for an uptrend

VeChain price set up a swing high at $0.099 on December 5 and retraced below the immediate support level at $0.0086. While this dip was brief, the recovery that followed set up a lower high at $0.097.

Since that point, VET has consolidated but is slowly trending lower, approaching the $0.086 support level. A retest of this barrier will create a triple tap setup. Sidelined buyers can enter long around this level and wait for the reversal of the downtrend and the start of a new uptrend.

Investors should expect VeChain price to rally past the $0.099 swing high and reach for the $0.118 resistance level. This move will constitute a 35% move and help VET recover to pre-crash levels. Despite the bullish outlook for VET, market participants should, nevertheless, exercise caution around these levels.

VeChain price nears crucial support as VET prepares for 35% breakout - 1

VET/USDT 4-hour chart

If VET penetrates below the immediate support level at $0.086, however, it will indicate that the selling pressure is overwhelming the bullish momentum. If bears knock VeChain price back down to produce a lower low below the $0.079 platform, it will invalidate the bullish thesis.

In this situation, VeChain price could retrace to or sweep below the $0.070 support barrier, where buyers could then still, nevertheless, come in and give the uptrend another shot.

FXStreet News

FXStreet News

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market and was founded in 2000.
The website offers a wide range of tools and resources: 24/5 currency news, real-time economic calendar, advanced rates and charts, educational webinars, analysis reports, forecasts, Learning Center, newsletters, industry services, FX customizable studies...
As its distinctive trademark, the portal has always been proud of its unyielding compromise to provide neutral and unbiased information and to enable its users to take better and more confident decisions. FXStreet has managed to gain the collaboration of the entire Forex industry, from individual professionals and small companies right up to Forex Brokers and Investment Banks. FXStreet covers the FX Market 24/5: an expert team of journalists, traders and economists picture what the market is doing and what is happening as it happens.