TL; DR Breakdown
- Vechain price analysis is bullish for today after the altcoin market retraced upwards
- VET/USD has been trading between the $0.08385 – $0.08674
- At the time of writing, Vechain (VET) is trading at $0.08437
Vechain Price Analysis: General price Overview
Vechain price analysis is bullish for today after the altcoin market retraced over the last 24 hours and tested support near $0.08200. We are expecting the VET/USD pair to make an attempt against the $0.08800 region and expand a higher target in the upcoming sessions.
The general altcoin market is slightly on a bearish zone for the past 24 hours. Bitcoin is down by 1.56 percent, Dogecoin shed 1.20 percent while XRP lost 3.5 percent. Hot gainers in the market include LUNA which skyrocketed by 168 percent, Ethereum by 1.34 percent and PERP by 10.34 percent.
Vechain price movement in the last 24 hours:
VET/USD has been trading between the $0.08385 – $0.08674 range, indicating mild volatility over the past 24 hours. Trading volume increased by 11.34 percent, and summed to $531 million. On the other hand, the total market capitalization rose by 1.24 percent to $5.4 billion.
VET/USD 4-hour chart: VET ready for further highs?
On the 4-hour chart, we can observe VET’s attempt to retrace and retest $0.08534 as the bulls prepare for another bullish wave that could set a fresh daily high.
Vechain price action has witnessed moderate bearish momentum since the past 2 weeks after a fresh swing high took place near $0.09300 on August 1st. From there, VET/USD corrected lower into the $0.0800 region, losing at least 20 percent in total price value.
Earlier today, the coin set a slightly higher daily low at $0.08300 as it attempted to make another bullish push towards $0.0880. At the time of writing, Vechain (VET) is trading at $0.08437 against the USD. The technicals around this price level are strong, suggesting high chances of further gains.
Vechain Price Analysis: Conclusion
Vechain price analysis suggests bullish momentum in the upcoming 24 hours as the previous low was tested following strong retracement over night. We can therefore anticipate Vechain to consolidate more momentum and push the price higher against last week’s $0.0880 resistance.