- VET moved lower yesterday.
- VeChain continues trading in a bearish momentum today.
- Next target is around $0.06.
VeChain price analysis is bearish for the next 24 hours as bears have pushed VET away from the previous minor support of around $0.07. Therefore, we expect VET/USD to reach the $0.06 support next as massive rejection for further downside was seen around the price area on the 22nd of June.
VeChain price movement in the last 24 hours: VeChain moves away from $0.07
VET/USD traded in a range of $0.06374 – $0.06885, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 10.8 percent and totals $389 billion, while total market capitalization trades around $.2 billion, ranking the cryptocurrency in 23rd place overall.
VET/USD 4-hour chart: VET targets $0.06 next
On the 4-hour chart, we can see the VeChain price continuing to decline after a break below $0.07 earlier this week, indicating further downside to follow later today.
VeChain price action continues to decline over the past week after a medium-term lower high was established around $0.095 on the 29th of July. This rally came after a rapid spike lower at the end of June, with a $0.06 price mark stopping further downside.
Over the past week, we can see VET/USD targeting the $0.06 support once again, with a steady decline along the 50 period moving average red line. On Thursday, VET/USD broke below the $0.07 support, and bears continued to push the market lower since then.
VeChain price action trades in between the $0.07 previous support turned resistance and the $0.06. As long as a sharp reversal is not seen, we expect VET/USD to reach the previous major support of around $0.06 over the next 24 hours.
VeChain Price Analysis: Conclusion
VeChain price analysis is bearish for the next 24 hours as bears continue pushing the market towards the next support around $0.06. Once the support is reached, we could see VET/USD reverse and retrace some of the loss seen over the past week.
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