VeChain price rally might have a little more fuel in its tank before crashing by 15%
|- VeChain price has managed to recover the losses observed during the November 2022 crash.
- VET is still in an uptrend despite the recent rally slowing down, and another push from the buyers could tip the price above $0.0267
- Although following Bitcoin's slip back to $22,700, VET could lose its immediate support at $0.0251 and fall to $0.0210.
VeChain price has been in a constant uptrend, with the altcoin recovering two months' worth of losses in the span of five weeks. The cryptocurrency is facing the possibility of some cooldown, but support from the bulls could enable another rise before corrections hit VET price.
VeChain price at a make-or-break point
VeChain price is trading at $0.0252 at the time of writing, having climbed the charts by nearly 67% in the span of a month and ten days. Trading right at the immediate support level at $0.025, VET could invalidate the recent rally and lose its bullishness if it breaks below this price level.
However, by the looks of the Parabolic Stop and Reverse (SAR), the VeChain price is still in an uptrend. The presence of the blue dots below the candlestick is evidence of the same. Plus, VET has the support of the uptrend line that has been acting as support for almost a month now.
Thus, a bounce back could bring the price to breach the immediate resistance level at $0.0267, effectively recovering all of November 2022 losses. If the level is flipped into a support floor, VET could even target the next resistance level at $0.0274 and head toward $0.0280.
VET/USD 12-hour chart
At the same time, though, traders must remain cautious of the potential corrections faced by VeChain price. If the altcoin follows the broader crypto market cues, which have brought Bitcoin price back down to trade at $22,700, VET price could fall. Per the Average Directional Index (ADX), slipping below the 25.0 threshold would indicate the uptrend has lost its strength.
Thus, losing the immediate support looks like a distinct possibility, and in that case, VeChain price would slip and tag $0.0239. Furthermore, this bearish scenario could bring the price to tag the critical support at $0.0230. A daily candlestick close below this level would definitely invalidate the bullish thesis, pushing the altcoin to $0.021, marking a 15% drop in value.
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