- 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.
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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