The price of VeChain is leveling off as bulls consider a rise.
A surge in purchasing demand might push VET up to $0.102, which is a key resistance level.
According to the MRI indicator, a downswing is likely before a full-fledged upswing.
The price of VeChain is stabilizing near the range low, indicating a slight pullback ahead of a move higher. The MRI signal lends credibility to the VET short-term downturn.
On June 18, the VeChain price fell below the 50% Fibonacci retracement level of $0.106 and has remained there since. The price behavior in VET recently shows that a breakout from the tight consolidation zone is conceivable.
On the 4-hour chart, the Momentum Reversal Indicator (MRI) has flashed a sell signal in the shape of a red ‘one’ candlestick, signaling a one-to-four candlestick correction.
As a result, VeChain pricing is expected to make a third equal bottom at the $0.071 support level. VET may sweep below these lows in order to capture liquidity in specific circumstances.
This is a bullish indication, and it is usually followed by a swift bounce.
If this happens, Vechain’s price will hit the swing high of $0.084 from June 23, followed by the resistance level of $0.092.
VET will retest $0.102 and the 50 percent Fibonacci retracement level at $0.106 if the buying pressure continues.
4-hour chart of VET/USDT
If the VeChain price does not rise over $0.071 after sweeping the lows, it indicates weak bulls or insufficient purchasing pressure.
The bullish thesis will be invalidated if the support barrier at $0.067 is breached, resulting in a lower low. In this situation, the sellers might cause an 11 percent drop in VET, pushing it to the range low of $0.059.
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