- VET moved sideways yesterday.
- Higher low set around $0.082.
- Next target at $0.10.
VeChain price analysis is bullish for today as the market has established a base from which to move higher next week. Therefore, we expect VET/USD to spike higher over the next 24 hours and reach the next resistance at $0.10.
The overall market trades in the green over the last 24 hours. Bitcoin is up by 2.9 percent while Ethereum around 6.7 percent. The rest of the market follows the majors with moderate bullish gain.
VeChain price movement in the last 24 hours
VET/USD traded in a range of $0.08492 – $0.08954, indicating mild volatility over the last 24 hours. Trading volume has remained flat and still stands around $0.508.4 billion. Meanwhile, the total market capitalization trades around $5.74 billion, ranking the cryptocurrency in 22nd place overall.
VET/USD 4-hour chart – VET prepares to move higher?
On the 4-hour chart, we can see the VeChain price establishing a base from which to move higher next week.
The overall market trades within a strong bearish price action momentum over the past weeks. Since the last high around $0.15, VET/USD has retraced by 60 percent until the $0.06 mark.
From the $0.06 mark, VET/USD saw a rally higher earlier this week to the $0.095 resistance. After moving sideways for several days, a clear higher low was established and VET slowly started moving higher again along the ascending support trendline.
This VeChain price action development should lead to a spike higher over the next 24 hours with the $0.10 mark in sight next. Once the $0.10 resistance area is reached, VET/USD would be in a tough decision where to move next.
Therefore, further VeChain price action development is needed before we can evaluate where VET/USD is headed later this month. If the $0.10 mark breaks, a lot more upside can be expected over the following weeks. Alternatively, VET will likely reverse once again and continue setting further medium-term lows.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish for today as a clear higher high was set over the last days above the $0.082 mark. From there, we can expect VET/USD to move higher and reach the $0.10 mark next.
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