- VET retested support at $0.12 yesterday.
- Closest resistance at $0.14.
- Next target at $0.155.
VeChain price analysis is bullish for today as the market continues moving sideways and has established a support from which to move higher.
The overall market trades slightly in the red today as the market leader, Bitcoin, has lost 1 percent, while Ethereum trades with a small gain. Rest of the market follows this pattern of relatively mild price action development, indicating that the market is building pressure to move higher over the next 24 hours.
VeChain price movement in the last 24 hours
VET/USD traded in a range of $0.1264 – $0.1364, indicating a moderate amount of volatility. 24 hour trading volume has decreased by 3.83 percent and totals $924.9 billion. The total market cap trades at $8.2 billion, ranking the cryptocurrency in 20th place.
VET/USD 4-hour chart – retests $0.12 support again.
On the 4-hour chart, we can see the VeChain price action moving sideways over the past days, indicating that the market prepares to push higher again.
The overall market continues to recover from the bearish momentum seen over the past weeks. Since the all-time high set at the $0.28 mark VET/USD has retraced 80 percent until support was found at the $0.05 mark.
From there, bears could not push any lower and a slightly higher low was set at the $0.065 mark, indicating that the market prepares to push higher. Over the following days, VET/USD moved higher until the $0.14 mark. What followed was another higher low around $0.09, further strengthening bullish market sentiment.
Last week, the VeChain price finally managed to set a higher high at $0.155, signalling bulls that it is time to enter the market. This has led to several days of consolidation above the $0.12 support.
This means that bulls are likely gathering momentum to move the Vechain price above the current local high at the $0.155 mark. From there, the next target for VeChain is located at $0.185 mark, and, if reached from the current price level of around $0.125, would mean a potential gain of 50 percent.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish as the market has established a base from which to move higher later this week. Therefore, we can expect VET to reach the next target at $0.155 and continue trending higher to reach the next all-time high at $0.27.
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