- VET found support at $0.10.
- Resistance at $0.12 prevents further upside.
- Next target at $0.155.
VeChain price analysis is bullish for today as the market established a slightly high low at $0.10 yesterday and the market price currently prepares to move higher.
The overall market trades in the green today. The market leader, Bitcoin is up by 8.75 percent while Ethereum has only gained 2 percent. Rest of the altcoin market has seen similar moderate gains over the last 24 hours.
VeChain price movement in the last 24 hours
VET/USD traded in a range of $0.1113 – $0.1219, indicating a moderate amount of volatility. Trading volume has decreased by 12.26 percent and totals $1 billion. The total market cap trades around $7.5 billion, ranking the cryptocurrency in 20th place overall.
VET/USD 4-hour chart – VET prepares to push to $0.14?
On the 4-hour chart, we can see the VET/USD market structure preparing a base from which to move higher later this week.
The overall market continues to trade in a slight bullish momentum over the past weeks after the VeChain price action finally found support around $0.05. From there, VET/USD established two higher lows and highs, indicating that bulls are regaining control.
Over the past days, the VeChain price established a third higher low around $0.10 and started to establish a base from which to move higher yesterday. Overnight, some further upside was seen as the market approached $0.12 minor resistance level.
Therefore, once the $0.12 resistance breaks, we can expect VET/USD to push higher and reach towards the next resistance at $0.14. From there, VET/USD should continue trending higher until a new higher high is set at the $0.155.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish as the market moved higher overnight after establishing a higher swing low at $0.10. From there, we expect VET to push higher over the next few days and reach the next resistance at $0.14 and potentially set a higher high above $0.155.
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