VeChain (VET) Approaches Critical Support, Preparing a 35% Breakout

  • VeChain price is about to retest the support floor at $0.086 after the alt failed to form higher highs.
  • If buying momentum increases around this zone, VET will surge 35%, retesting the resistance around $0.118.
  • Meanwhile, violating the support level near $0.079 will form a lower low, revoking the bullish description.

VeChain has had calm price actions even as most alternative coins post impressive recovery. VET’s trial to rise and form a higher high failed. That resulted in a correction towards the closest support level. The fall towards support might provide a recovery platform to propel VeChain to its pre-crash price levels.

VeChain Prepares an Upsurge

VET price formed a swing high near $0.099 on 5 December. After that, the cryptocurrency retraced beneath the closest support floor at $0.086. Though this fall was slight, the resulting recovery registered a lower high near $0.097.

Since then, VeChain consolidated as it trends lower gradually, nearing the support area of $0.086. Keep in mind that retesting this level will form a triple tap pattern. Sidelined buyers may enter long at this value area while waiting for the downtrend reversal before VET kick-starts an upswing.

Market participants may expect the VET price to climb past the swing high of $0.099 and touch the resistance level at $0.118. This move would mean a 35% surge, helping VET recover, exploring its pre-crash price zone. However, market players need to exercise care when interacting with the altcoin around these stages.

If VeChain penetrates under the nearest support zone at $0.086, it will depict selling overpowering bulls’ momentum. If bears manage to knock VET lower for a lower low under $0.079, it will nullify the projected bullish outlook.

With such developments, VET price might correct to price zones beneath the support area at $0.070. Nevertheless, buyers can step up at this level and attempt another upward move.

However, VET approaches vital support that might trigger a massive upward move. Meanwhile, the token has to retrace to collect surging momentum. Nevertheless, let us wait for what the incoming trading sessions would boast.

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