VeChain VET price is consolidating near the range low, hinting at a minor pullback prior to a move higher. The MRI indicator adds credence to the short-term price correction for VET.

VeChain price slid below the 50% Fibonacci retracement level at a price of $0.106 on June 18 and has stayed under it since then. The recent VeChain VET price action suggests that a breakout from the tight consolidation range is possible.

VeChain price to create equal lows before heading higher

The Momentum Reversal Indicator has flashed a sell signal in the form of a red ‘one’ candlestick on the 4-hour chart, which forecasts a one-to-four candlestick price correction. 

Therefore, investors can expect the VeChain price to create the third equal low at the $0.071 support level. In some cases, VeChain VET could sweep below these lows to collect liquidity.

Such a development is a price bullish sign and is typically followed by a quick bounce. 

If this were to occur, the Vechain price would tag the June 23 swing high at $0.084 level, followed by the resistance level at $0.092.

If the buying pressure continues to pour in, the VET price will retest at $0.102 and the 50% Fibonacci retracement level at $0.106.

On the flip side, if the VeChain price fails to climb above $0.071 after sweeping the lows, it will signal weak buy bulls or insufficient buying pressure.

A breakdown of the support level barrier at $0.067 will create a lower low and invalidate the bullish thesis. In such a case, the sellers might trigger an 11% downswing that pushes VeChain VET to the range low at $0.059.

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