- The VeChain price shows the formation of a higher low, which indicates a trend reversal.
- A 30% rise to $ 0.144 looks likely if the price breaks $ 0.129.
- The EFP will turn bearish if traders make a decisive close below $ 0.0924.
VeChain’s price returns to a stable level of demand as investors take profits after a slight increase. VET is facing a difficult battle in which it is necessary to eliminate several tops of the swing. Thus, investors can expect this rally to accelerate slowly.
VeChain Price Should Rebuild Critical Supply Barrier
VeChain’s price has dropped nearly 11% from $ 0.122 to $ 0.109 in the last 24 hours. VET is awaiting higher bottom formation, suggesting a possible recovery.
While unlikely, investors can expect a rebound from the $ 0.102 support level before potential gains begin.
Buyers will face strong resistance at $ 0.115 and $ 0.120 before hitting the 50% Fibonacci retracement at $ 0.129. Overcoming these barriers will be a signal for the beginning of an uptrend and a signal for detached investors to join us.
If that were the case, VeChain’s price could mark the June 7 swing high at $ 0.136 and the local high at $ 0.141 set on June 5.
VET could extend the rally to $ 0.144 or the 62% Fibonacci retracement level if buyers continue to bet.
The deviation from the current position of $ 0.11 to $ 0.144 is almost 30%, but investors should watch closely for the $ 0.115 and $ 0.120 levels, which could impede the advance. VeChain’s price rally is likely to slow or stop at these levels if buyers don’t follow.
4-hour chart VET / USDT
The downside of VeChain’s price is relatively empty; therefore, breaking the $ 0.092 support barrier could trigger a sell-off.
In a bearish case, if the VET produces a decisive 4-hour candlestick below $ 0.092, market participants can expect a quick 30% collapse to the low of the $ 0.0655 range.