- 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.
You can leave your reply in the comment area below.