VeChain Price Prediction: VET might pull back before hitting $0.1
- VeChain price is consolidating above a crucial support barrier at $0.0829.
- A breakdown of $0.0829 is likely to be followed by a bounce from the next demand level at $0.0720.
- If VET produces a decisive close below $0.072 and fails to recover above it quickly, it will invalidate the bullish scenario.
VeChain price is teetering on a support barrier. Although unlikely, this foothold might be shattered if VET sees an increased selling pressure. Despite the pullbacks, an upswing appears to be on the cards.
VeChain price in search of stable grounds
VeChain price saw a slow rally that pushed it from $0.0596 to $0.0946 between June 22 and June 30. Since creating a local top at $0.0946, VET has dropped 10% to where it currently trades, $0.0858.
Although investors are expecting an upswing to originate from this position, $0.0829 will likely be breached, leading to a retest of a stable support level at $0.072. A potential spike in buying pressure at this point could hold the key to catapult VeChain price by 35% to $0.0987.
If the bullish momentum persists or increases, VET could slice through $0.0987 and tag the 50% Fibonacci retracement level at $0.106. In a highly bullish scenario, VeChain price could rise to tag the 62% and 70.5% Fibonacci retracement levels at $0.117 and $0.125, respectively.
VET/USDT 4-hour chart
While a pullback from $0.0829 to $0.072 is likely, a decisive 4-hour candlestick close below $0.072 will invalidate the bullish thesis and indicate the lack of buying pressure.
In this condition, VeChain price might sell off 17% to tag $0.0595.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
