- VeChain price recently tapped the upper trend line of the parallel channel at $0.098.
- Momentum Reversal Indicator’s reversal signal has resulted in a 20% correction so far.
- If VET bulls fail to bounce before $0.074, a 25% retracement to $0.05 seems likely.
The VeChain price has shown textbook adherence to the ascending parallel channel. Now, a retracement seems likely if bulls fail to defend crucial levels.
VeChain price looks to form a lower low
Since late December 2020, VeChain price has set up multiple higher highs and higher lows, which form an ascending parallel channel when connected via trend lines. Overall, this is a bearish pattern, but VET’s bull run seems to be encapsulated within this technical formation.
The recent swing low created on February 28 resulted in a 172% upswing that produced the latest pivot high. Now, as the VeChain price reverses, a bearish scenario looms. However, the buyers can prevent this from happening and push for one last leg up if the SuperTrend indicator’s buy signal around $0.081 is preserved.
If this level fails, bulls can give the upswing another chance from the subsequent demand barrier at $0.074, coinciding with MRI’s State Trend Support. It would be rather grim for VeChain bulls if both the levels are breached.
Investors can expect the VeChain price to retrace 20% toward $0.059 if the aforementioned support barriers are broken. This target coincides with the 61.8% Fibonacci retracement level, and the correction is likely to stop here.
VET/USDT 12-hour chart
Investors need to pay close attention to $0.081 and $0.074. There is a high likelihood that the VeChain price will give the upswing another try from these levels.
If the bulls manage a decisive close above the $0.085 level, a 27% upswing to $0.109 coinciding with the 127.2% Fibonacci extension level seems more than likely.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.