VeChain Price Forecast: Comeback from VET bulls could trigger 13% rally

VeChain price is likely to witness a sharp move to the upside, technicals suggest.
The RSI indicator shows strength while AO follows in its footsteps, revealing a possible breakout rally to $0.0178.
Invalidation of the bullish outlook will occur if VET flips the $0.0147 support level into a resistance.

VeChain price saw an 11% daily candlestick on Tuesday, in what looks as the first sign of a bullish resurgence for the blockchain’s token. If bulls are persistent, VET could bounce off a key support level and trigger another rally.

Also read: FTX exchange’s $3.6 billion crypto liquidation unlikely to cause bloodbath in Solana, Ethereum, Aptos prices

VeChain price prepares for next leg high

VeChain price swept the August 17 low on September 12, but the dive kickstarted an 11.59% rally. This move retested VET’s long-standing downtrend, which has created five lower highs since July 1. Investors can expect a minor pullback to the immediate support level at $0.0156, which is a key buying area.

The Relative Strength Index (RSI) has already flipped above the mean level, indicating a strong comeback from bulls. Furthermore, the Awesome Oscillator (AO) is receding from below the zero line, suggesting a decline in bearish momentum. A flip of the zero line would suggest the presence of buyers.

Hence, market participants can expect a bounce from the $0.0156 support floor that could propel VeChain price by 13% to retest a key resistance level at $0.0178. Beyond this hurdle, the $0.0204 and $0.0222 are other key barriers that investors can focus on.

VET/USDT 1-day chart

While the outlook for VeChain price is bullish, a breakdown of $0.0156 support floor would be the first sign of failing buyers. In such a case, market participants should focus on the $0.0147 barrier.

A daily candlestick close below this level that flips it into a resistance level would invalidate the bullish thesis for VET. In such a case, a revisit to the $0.0091 support – roughly 37% lower than the $0.0147 barrier – is likely.

Also read: Crypto miners debate $500k Bitcoin fee refund to paxos for 'fat-fingers' error

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.