VeChain price retraces as traders take profit following bullish pump

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In the event of increased profit-taking, the trading price of VET is approximately around $0.135 and further losses may occur in the short term.

VeChain Unable to Hold Last Week Gains

Last Saturday, VeChain’s VET Value rose to a record high of $0.149, and then the bears pushed the price back to the $0.135 area. The cryptocurrency was unable to build momentum in intraday trading. The trading price of the VET/USD currency pair is just under 1%, although weekly gains still hit an impressive 45%.

A look at the technical aspects of VET shows that the weakness has gradually intensified after a sharp increase since the beginning of April. The recently announced large partnership is one of the main drivers behind the positive outlook for the token.

However, this appears to have subsided in the past 48 hours, which may be why VeChain is declining as investors hope to benefit from the recent rally.

VeChain Price Technical Analysis 

VET is slightly above the Fibonacci retracement level of 23.6%, an increase from $0.097 to $0.148. The red candle indicates that the bears intend to bring the price down, and the $0.128 horizontal support line near the 38.2% Fibonacci level is the main target. If the price breaks this buffer, the correction can extend to 50 SMA ($0.116) and 100 SMA ($0.103).

The 4-hour index for relative strength (RSI) fell. If the reading is 58 and there is a negative deviation, further losses are possible. If the price drops below the 50 and 100-period simple moving average and hits $0.087, then VET/USD is bearish.

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VET/USD 4-hour chart. Source: TradingView

Despite closing profits for the past three days, the MACD is still in the bullish zone, indicating that buyers are still looking for more profits.

In this case, a rebound in the price above $0.140 will help push the price down to $0.145, while pressure from buyers may push the VET/USD to a new high above $0.150. If the sentiment of the entire cryptocurrency market starts to rise in the event of a Bitcoin (BTC) surge, VET might expect to see its own positive changes. In this case, the target price can be $0.160 and $0.20.

This article is not financial advice from fxcryptonews, please do your own research before trading.