- VET finds resistance around $0.14 yesterday.
- Closest support at $0.10.
- VET starts to edge lower
Today’s VeChain price prediction is bearish as the market prepares to push lower after finding resistance at $0.14 late yesterday. Therefore, we expect VET/USD to set a higher low over the weekend, from which to push higher next week.
The crypto market has moved over the past hours, resulting in bearish 24-hour price action. Bitcoin trades with a small loss of 2 percent. Meanwhile, Ethereum trades with a loss of almost 7 percent. The rest of the altcoin market follows this bearish price action pattern.
VET/USD opened at $0.13 today after a bullish close yesterday after the market bounced higher from the $1 mark. Earlier today further upside was rejected, indicating that we will see the VeChain price retrace some more over the next 24 hours to set another higher low.
VeChain price movement in the last 24 hours
The VET/USD price moved in a range of $0.1204 – $0.1459, indicating strong volatility over the last 24 hours. Trading volume has decreased by 43.93 percent and totals $2 billion. Meanwhile, the total market cap trades just below $8 billion, ranking the cryptocurrency in 20th place overall.
VET/USD 4-hour chart – VET prepares to retest downside
On the 4-hour chart, we can see VET/USD starting to move lower as the market wants to set another higher low.
The overall market has lost more than 80 percent from the previous all-time high at the $0.28 mark. From there, VeChain made an initial spike lower to the $0.13 support. After a several-week slow bullish momentum, a major lower swing low was set at the $0.25 mark. This failure to move higher resulted in another push lower to the $0.06 support.
Therefore, the VeChain price action likely has retraced enough and further downside is not expected. This means that we should see the market start to recover and set a higher high next week. The first resistance area to break is seen around $0.14-$0.15.
However, currently, the market is not yet ready to move higher. After a move to the $0.145 mark yesterday, VETY/USD started to slowly trade lower overnight. This should lead towards further downside over the next 24 hours as VeChain attempts to set a higher low.
After a higher low is set, we expect further bullish momentum next week, with the next target to the upside at $0.185.
VeChain Price Prediction: Conclusion
VeChain price prediction is bearish as the market rejected further upside over the past hours and prepares to move lower to set another lower high. Once a new higher low is set, we expect VET/USD to move higher next week to recover further.
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