- VeChain price bounced off the $0.085 support floor on September 29 and rose 43%.
- After a minor downswing, VET is ready to retest $0.119 and collect liquidity resting above $0.128.
- A breakdown of the $0.102 support floor will end the bullish outlook.
VeChain price continues to trend higher despite the consolidative nature of the cryptocurrency market. While VET is displaying a bullish outlook, its upside remains capped by a crucial resistance barrier.
VeChain price looks to collect liquidity
VeChain price rose roughly 43% from September 29, shattering the 50% Fibonacci retracement level at $0.107. After a quick retest of this barrier, VET is showing strength and the affinity to climb higher.
The 62% Fibonacci retracement level at $0.119 will be the resistance the VET bulls will encounter. Clearing this hurdle will allow VeChain price to tag the $0.124 resistance level and collect the buy stop liquidity resting above it and the subsequent resistance level at $0.128, coinciding with the 70.5% Fibonacci retracement level.
If the big crypto continues to climb toward $53,000, it is likely VET might retest the next barrier at $0.137. However, in a highly bullish case, VeChain price might revisit the range high at $0.158, constituting a 40% ascent from the current position.
VET/USDT 1-day chart
While things are looking up for VeChain price, a failure to break through the $0.119 barrier will indicate that the run-up after a retest of $0.107 was a fluke. In this case, VET might break below $0.107 and retest $0.102.
A breakdown of this support level will invalidate the bullish thesis and send the VeChain price crashing by 16% to $0.085.
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