- VET rallied to the $0.09 mark yesterday.
- A slight retracement is seen overnight.
- VET/USD is likely to set lower high and reverse.
VeChain price analysis is bearish for the next 24 hours as VET attempted to break the $0.09 mark again after rejection yesterday. Therefore, we expect VET/USD to reverse once more and look to retrace even further over the next few days.
VeChain price movement in the last 24 hours: VeChain tests $0.09 resistance again
VET/USD traded in a range of $0.08554 – $0.09037, indicating mild volatility over the last 24 hours. Trading volume has increased by 18.88 percent and totals $659 billion. Meanwhile, the total market capitalization trades around $5.77 billion, ranking the cryptocurrency in 22nd place overall.
VET/USD 4-hour chart: VET ready to reverse?
On the 4-hour chart, we can see VeChain price action testing the $0.09 resistance again, leading to reversal over the next days.
VeChain price has seen a substantial increase over the past weeks. After establishing a slightly lower low around $0.056, VET/USD rallied by more than 65 percent until a new swing high was set around $0.093.
From there, VET retraced earlier this week to the $0.082 support. Yesterday, VeChain rallied further and retested the $0.09 resistance level. Any further upside was rejected overnight initially, and after some retracement earlier today, another spike higher was seen over the last hours.
Currently, VET/USD tests the $0.09 again with a slight rejection for further upside. This price action development will likely lead VeChain towards another move lower later this week as bears finally break past the previous higher low and reverse the overall several-week bullish momentum.
VeChain Price Analysis: Conclusion
VeChain price analysis indicates bearish momentum to follow over the next days as another lower high currently gets established around the $0.09 mark. From there, we expect VET/USD to reverse and attempt to breach past the $0.082 support next.
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