• Mon. Sep 25th, 2023

VeChain (VET) at Break-or-Make Point amid Uptrend Resumption

Dec 23, 2021

Briefly –

  • VET has seen price consolidation for over two weeks and seems ready for bullish continuation.
  • VeChain encounters a decisive moment while approaching the $0.086 obstacle – a break may trigger a 13% rally.
  • A 4-Hr candle close beneath $0.0761 will ruin the bullish narrative.

VeChain (VET) enters an inflection level in its upward journey as the altcoin nears a critical hurdle. The uptrend will continue if the alt converts this hurdle into the support floor. On the other hand, failure will lead to a retracement that might erase recent gains.

VeChain Price Prepares an Upward Journey

VET price recorded equal peaks at $0.0977 on 4 December and 7 December. However, a 19% retracement to $0.0792 followed the price action. After that, VeChain spent about sixteen days wavering around this value area, undergoing a consolidation mode.

After sweeps beneath $0.0792, VET price regained above the level and triggered a 9% surge, retesting the resistance barrier at $0.0863. VeChain encounters a decisive session at this mark as flipping the area into support will show that the uptrend will persist. That can attract sidelined buyers to open long pilot positions.

The resulting setup will signal sidelined buyers to join the bandwagon. With the surged bullish momentum, VET might gain 13%, retesting the $0.0977 obstacle and gathering the buy-stop liquidity above the level.

The first case presumed VeChain cracks past $0.0863, and failure might see the alternative token suffering retracements towards $0.0792. Buyers will have another chance to trigger a comeback in this area. A bounce off this barrier can be the best to go long or add to an existing position.

However, inadequate bullish strength might see VeChain price declining under the footing to revisit the value area at $0.0761. A 4hr candle close under this floor will result in a lower low, annulling the bullish narrative. Persistent selling pressure might see VET crashing 8% towards $0.070.

For now, VET has resumed its upsurges and neared a break-or-make point. VeChain approaches the hurdle of $0.086; flipping it will mean a 13% surge. The crypto might require an overall crypto rally to trigger stable upswings. Meanwhile, closing above $0.0761 remains crucial to keep the bullish case alive.

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