VeChain Price Prediction: VET bears eye 10% correction

VeChain price is slowly undoing the gains witnessed in the second and third weeks of September. If this trend continues, VET could stand to trigger a steep correction in the near future.

Also read: VeChain Price Forecast: Comeback from VET bulls could trigger 13% rally

VeChain price at crossroads 

VeChain price rallied 25% between September 11 and September 16 and created a local top at $0.0184. However, the lack of buying pressure coupled with the bearish market conditions allowed VET to start a countertrend rally. The altcoin has now shed nearly 10% and currently sits atop the $0.0166 support level, which is key in determining where the cryptocurrency will head next.

A decisive daily candlestick close below this level would be a telltale sign of waning buying pressure and a takeover from sellers. In such a case, the VeChain price could trigger another 10% correction and tag the next key levels at $0.0147 and $0.0143. 

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) have both lost their respective mean levels, which further adds credence to the bearish outlook.

VET/USDT 1-day chart

The bearish outlook for the VeChain price is logical and is contingent on the breakdown of the key support level at $0.0166. On the other hand, a bounce from the aforementioned level that produces a daily candlestick close above $0.0178 will invalidate the bearish thesis. 

In such a case, the VeChain price could target the buy-side liquidity resting above the lower highs produced between July 1 and September 16. The nearest targets for VET bulls would be the sweep of the September 16 high at $0.0184 and the August 14 swing high at $0.0188.

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