VeChain Price Prediction: VET holds above massive demand barrier that may propel it to higher highs
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VeChain price hovers at a critical demand barrier, hinting at a surge if the support level holds. Other high-interest levels remain intact despite th

  • VeChain price hovers at a critical demand barrier, hinting at a surge if the support level holds.
  • Other high-interest levels remain intact despite the recent correction suggesting that VET is ready to take off.
  • VeChain price hovers at a critical demand barrier, hinting at a surge if the support level holds.
  • VeChain price hovers at a critical demand barrier, hinting at a surge if the support level holds.
  • Other high-interest levels remain intact despite the recent correction suggesting that VET is ready to take off.
  • Other high-interest levels remain intact despite the recent correction suggesting that VET is ready to take off.

    VeChain price corrected 35% within 24 hours, owing to its correlation with Bitcoin. While its VET’s resurgence since the drop shows signs of lingering buying pressure, on-chain metrics show the most critical support level underneath it is still intact.

    correlationBitcoinbuying pressure

    VeChain price may resume uptrend if critical support holds

    VET is currently trading at $0.0236 after dipping towards the 200-MA at $0.0194 on the 4-hour chart. Buyers have managed to nullify the recent drop and push this cryptocurrency above the 100-MA, which coincides with the 38.2% Fibonacci level. 

    Now, the bulls must defend this support level to prevent VeChain from printing a lower low.

    support level

    VeChain price US dollar chart

    VeChain price US dollar chartVeChain price US dollar chart

    VET/USDT 4-hour chart

    VET/USDT 4-hour chart

    IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model suggests that the $0.0236 level is a significant interest area. Here, nearly 640 addresses had previously purchased more than 217 million VET. 

    Such a massive demand wall may have the strength to contain falling prices at bay in the event of a sell-off. 

    But if VeChain manages to break through it, there is another support hurdle at $0.0222, according to the IOMAP cohorts. Approximately 1,140 addresses bought 240 million VET around this price level, adding an extra level of strength to the $0.0236 support.

    VeChain IOMAP 

    VeChain IOMAPVeChain IOMAP

    VET IOMAP

    VET IOMAP

    Given the importance of the underlying support and the lack of resistance ahead, the odds seem to favor the bulls. A spike in buy orders around the current price levels could see VeChain rebound and retest the recent high of $0.0324. 

    Nonetheless, slicing through the $0.0236 support could be catastrophic for the bulls since it could push VeChain price towards $0.0179. 

    From: FXSTREET