VeChain (VET) The price seems to be close to retesting the $0.086 support level after failing to reach higher highs.
A potential increase in buying pressure in this area would push VET around 35% to retest the $0.118 resistance barrier. A break of the $0.079 support base will invalidate the bullish argument and create a lower low.
VeChain price failed to deliver the expected performance despite the remarkable recovery of many altcoins. The altcoin’s attempt to push and produce a higher level failed, resulting in a pullback to an immediate support level. This fix to support is probably VETIt can create a recovery opportunity that will bring the ‘ to pre-collapse levels.
VeChain Challenges For Uptrend
VeChain price formed a “swing” high above the $0.099 levels on Dec. 5 and declined below the immediate support level of $0.0086. While this decline was brief, the ensuing recovery hit a lower high at $0.097.
Since those levels, VET has consolidated but is slowly trending downwards and approaching the $0.086 support level. Retesting this barrier will create a triple tap setup. Neutral buyers can enter “long” around this level and wait for the downtrend reversal and the start of a new uptrend.
Traders, on the other hand, should wait for VeChain price to surpass the $0.099 high and reach the $0.118 resistance level. This move will create a 35% move and help VET return to its pre-collapse levels. Despite the bullish outlook for VET, market participants should still be cautious at these levels.
However, if VET breaks below the immediate support level at $0.086, it will show that the selling pressure has crushed the bullish momentum. The bullish argument will be invalidated if the bears push VeChain price down to produce a lower low below the $0.079 level.
In this case, VeChain price could return to or break below the $0.070 support barrier, where buyers could still come in and give the uptrend another chance.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.