The insane growth of the VEChain (VET) price has finally found local peace. Starting from 17 April, the VET market entered a correction phase. Looking at the large timeframe, this event doesn’t yet cause fears among investors and desire for a massive token sale. However, the critical level, which we talked about in our idea, the sellers managed to break twice:
As we see on the chart, the mark of $0.17 twice could not withstand the selling pressure during 23-25 April. Though, sellers failed to close the daily candle below this mark. Thus, at the moment, the VET price is stuck in uncertainty between two important levels of $0.17-0.22. In this 30% range, the VETUSDT market will introduce a note of mystery regarding its further medium-term price movement. The fact is that for the VET price to continue growing steadily to $0.58, buyers need to prove their strength. And keeping the mark of $0.17 indicates more about the weakness of sellers in this price range than about the strength of buyers.
Buyers Prepare for a New Growth Impulse
If we analyze the situation at a lower timeframe, we see that sellers’ repeated attempt to break the mark of $0.17 happened at lower volumes than the attempt on 23 February:
This fact can mean complete exhaustion of sellers. The retest of $0.17 on low volumes and sluggish candles would be a great signal to aggressively buy VET with a minimum target of $0.22. Of course, this prospect cheers you up and gives you a great chance to increase your deposit. However, it should be remembered that if the scenario turns out to be false, the VET price can easily fall into the range of $0.115-0.12. We do not advise anyone to sit out such drawdowns.
Only above $0.22 is it safe to buy VET
This scenario is part of a global scenario in which the target is at $0.58. Therefore, for medium and long-term traders, it is worth paying attention to the range of $0.22. A breakout of this range and a confident fixing above will be another signal for an increase of the VET position and expectation of a new growth impulse. Let’s see if the positive plans in the VETUSD market are spoiled by sluggish Bitcoin, which is clearly seeking to rest.
