- VET moved lower yesterday.
- Support found around $0.097 overnight.
- Bulls prepare to push the market higher.
VeChain price analysis is bullish for today as the market could not move any lower overnight and bulls have established a base. Therefore, we expect VET/USD to push higher later today to establish another lower high.
The overall market has retraced over the last 24 hours. The market leader, Bitcoin has lost 5.5 percent, with the rest of the market performing with similar results.
VeChain price movement in the last 24 hours
VET/USD traded in a range of $0.09647 – $0.1072, indicating a moderate amount over the last 24 hours. Trading volume has remained flat and totals $596.9 billion. Meanwhile, the total market cap stands at $6.5 billion, ranking the cryptocurrency in 20th place overall.
VET/USD 4-hour chart – VET briefly breaks $0.10
On the 4-hour chart, we can see the VeChain price moving below the $0.10 overnight and currently reversing back to the upside, indicating further upside over the weekend.
Overall the Vechain price action is still bearish over the past weeks as the market continues to retrace from the $0.15 high set on the 4th of June. Since then VET/USD has retraced by more than 35 percent and established support around the $0.10 mark.
Last week we saw a clear descending trendline of resistance set from the lower lows. However, VET could not move any lower after retesting the $0.10 mark for the third time on the 13th of June. This resulted in a slight move higher to $0.12 previous high, meaning that bears are losing momentum again.
Over the past few days, VET/USD slowly retraced again and moved slightly below the $0.10 mark. A lower low was technically established, however, this could also be considered a retest of the previous low.
Therefore, we can assume that VET/USD has built a base from which to start pushing higher next week. The first resistance is located at the $0.10 mark, with the major resistance still at $0.15.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish as bears could not push the market any lower overnight after retracement yesterday. This should lead towards a move higher over the next 24 hours as VET/USD tries to establish another lower high.
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