- VeChain price is currently trading above the support level at $0.0829.
- VET might retest $0.0781 or the demand zone extending from $0.0722 to $0.0740.
- A breakdown of the $0.0708 foothold will likely invalidate the upswing narrative.
VeChain price is currently traversing above a critical support level, which could break down easily. If this were to happen, VET could slide to the subsequent barriers or a demand zone, serving as a launching pad that triggers a massive upswing.
VeChain price in search for stable grounds
VeChain price is currently hovering above the support floor at $0.0829 and is likely to break down at first sight of increased selling pressure. Therefore, investors can expect a retracement to $0.0829 or the demand zone stretching from $0.0722 to $0.0740.
Assuming VET bounces off $0.0829, investors can expect an 18% upswing toward the resistance level at $0.0924. Breaching this area could open the possibility of VeChain price tagging the $0.102 barrier, which is an 18% upswing.
In a highly bullish case, the bulls might try to push VET to tag or sweep the 50% Fibonacci retracement level at $0.106, representing a 36% rally from the $0.0782 support floor.
With Bitcoin showing a bullish bias, the altcoins will likely follow its lead. If BTC were to tag $40,000 or the range high at $42,451, VeChain price could easily glide through $0.106 and tag the ceiling at $0.115.
VET/USDT 4-hour chart
While things look good for VeChain price for now, a breakdown of the $0.0829 level will lead to a dip into the demand zone that extends from $0.0722 to $0.0740. This move would not negatively affect the optimistic outlook.
However, a decisive 4-hour candlestick close below $0.0708 will invalidate the bullish thesis, pushing VET down to $0.0669.
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
Ethereum Price Forecast: ETH eyes $2,200 resistance as Fidelity seeks ETH ETF staking approval
Ethereum is up 3% on Tuesday following Cboe BZX's filing with the Securities & Exchange Commission for Fidelity to permit staking in its spot Ethereum ETF. Grayscale and 21Shares have also made similar filings with the SEC to stake their holdings.
Franklin Templeton files for XRP ETF as SEC delays decision on Canary and Grayscale filings
Franklin Templeton filed an S-1 with the Securities & Exchange Commission on Tuesday to launch the Franklin XRP Trust. Following its filing, the SEC announced it would delay its decision on XRP ETF applications from Canary Capital and Grayscale.
Shiba Inu Price Prediction: SHIB hits seven-month low as Ethereum TVL drops $14B after Pectra upgrade
Shiba Inu price hit $0.00001 on Tuesday, testing seven-month lows before rebounding 6%. On-chain data shows investors withdrawing funds from the Ethereum ecosystem after the Pectra upgrade could spark further losses.
Crypto Today: ETH, ADA and XRP traders panic ahead of Mt. Gox’s $930M BTC repayments
Cryptocurrencies market capitalization falls to $2.75 trillion as it declines by another 4% on Tuesday. Ethereum, Dogecoin and Chainlink emerge as top losers among the 20 largest assets.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.