- VET pushed away from the $0.09 support yesterday.
- $0.10 mark breached overnight.
- VET/USD finds resistance below $0.11 resistance.
VeChain price analysis is bearish for the weekend as a rapid spike higher was seen over the last 24 hours, resulting in a strong higher high set just below $0.11. Therefore, we expect VET/USD to reverse later today and retest previous resistance as a support around the $0.09 mark.
The crypto market traded with a strong bullish momentum over the last 24 hours. Bitcoin is up by 4.23 percent, while Ethereum by more than 10 percent. Meanwhile, Dogecoin is among the best performers with a gain of 19 percent.
VeChain price movement in the last 24 hours: VeChain rallies to $0.11
VET/USD traded in a range of $0.09407 – $0.1089, indicating strong volatility over the last 24 hours. Trading volume has increased by 73.8 billion and totals $1.17 billion. Meanwhile, the total market capitalization trades around $6.7 billion, resulting in a market rank of 22nd place.
VET/USD 4-hour chart: VET ready to retrace?
On the 4-hour chart, we can see the VeChain price rejecting further upside over the past hours, indicating an upcoming reversal later today.
VeChain price continued to rally this week. Since the last swing low around $0.056, VET/USD has increased by more than 90 percent to the $0.11 resistance. However, the $0.11 was not breached and some rejection for further upside was seen over the past hours.
Additionally, VET/USD has rallied by around 18 percent over the last 24 hours, meaning that the market is extended as of now. Therefore, a retracement is needed before further upside can be reached.
The potential target for VET to find support around is located around the $0.09 previous major resistance. Once the VeChain price establishes a higher low, we should see further rally next week as the overall market momentum is very bullish as of now.
VeChain Price Analysis: Conclusion
VeChain price analysis indicates bearish momentum to follow over the next 24 hours as a rapid spike to the $0.11 mark was seen earlier today. From there, VET/USD started to show signs of weakness, which should lead towards retracement to the $0.09 mark.
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