VeChain VET price has seen its volatility dry up over the past two weeks as the sell-off continued. Although this development was bearish in the short term, it could become a precursor for a massive price upswing.
VeChain VET price has dropped roughly 16% since the August 16 swing high at $0.144. This downtrend is a result of multiple lower highs and the VeChain VET price is currently trading at $0.121. From a big picture view, the three swing lows formed on August 19, 27 and 31 seem to represent a triple bottom pattern, suggesting a price bullish outlook for VET.
Assuming the bulls make a comeback, investors can expect the VeChain VET price to encounter the $0.128 resistance level, coinciding with the 50% Fibonacci retracement. Clearing this barrier will put the $0.133 and $0.137 level supply areas in the bulls’ path.
These levels will serve as a test of the price momentum, and flipping these ceilings into a support floor will indicate that a move to the $0.144 level is inevitable. Assuming VeChain price tags $0.144, it would represent a 20% upswing from the current position.
While things seem to be looking up for VeChain VET price, a breakdown of the $0.116 support floor will indicate an increased selling pressure without enough investors willing to scoop up VeChain VET at a discount. Such a move suggests that the demand for the token is currently less, which might push it to the range low at a price of $0.112.
A decisive 4-hour candlestick chart close below $0.112 will invalidate the VET bullish outlook and potentially trigger a 6% crash to $0.105.
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