- VeChain price is correcting after its 25% rally and is now above a key support level.
- Breakdown of the $0.0166 foothold could trigger a 10% correction to $0.0147.
- A daily candlestick close above $0.0178 will invalidate the bearish thesis.
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.
Read more: Bitcoin Cash Price Forecast: BCH traders can bank on short-term bounce to $228
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