- VET found resistance at the $0.14 mark yesterday.
- VET/USD declined overnight.
- Closest support at $0.10.
Today’s VeChain price prediction is bullish as the market has retraced overnight and found support at the $0.10 mark. Therefore, we expect VET/USD to move higher over the weekend to try to break the next resistance at $0.155.
The overall market trades with a strong bearish momentum over the last 24 hours. Bitcoin has decreased by 7.75 percent, while Ethereum 10 percent. VeChain continues to be among the worst performers with a loss of almost 16 percent.
VET/USD opened at $0.123 after a bearish close yesterday and a retest of $0.14 resistance. Earlier today, the VeChain p[rice started to move lower and reached the $0.10 support. Therefore, we should see a reversal to the upside later today, with the market attempting to break above the $0.155 mark over the weekend.
VeChain price movement in the last 24 hours
The VET/USD price moved in a range of $0.1036 – $0.1337, indicating a moderate amount of volatility for the cryptocurrency. The trading volume over the last 24 hours has decreased by 24.8 percent and totals $1.1 billion. The total market cap stands at $6.94 billion, resulting in a market rank of 21st place.
VET/USD 4-hour chart – VET spikes to $0.10
On the 4-hour chart, we can see the market moving lower over the last 24 hours to retest the previous support at $0.10.
The overall market continues to trade with a bearish price structure over the past weeks. From the previous major swing lower low at $0.25, the market retraced 80 percent until support was found at the $0.05 mark on the 19th of May.
After some initial rejection for further downside, the VeChain price found resistance at the $0.14 mark. From there, VET/USD retraced lower again and set a major swing higher low at $0.07. Several days later VET retraced back to $0.14, indicating that bulls are slowly building momentum to reverse the overall several-week bearish price action back to the upside.
Therefore, the current retracement to the $0.10 mark should lead towards another push higher over the next 24 hours. The next target to break is seen at $0.155, which if reached would mean a strong higher high set.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the mark has established support above $0.10 over the past hours and currently looks to move higher once again. Therefore, we expect VET/USD to attempt to break the next resistance at $0.155 over the next 24 hours.
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