- VeChain price analysis is bullish today.
- VET/USD continued to retrace yesterday.
- VET found support at $0.116.
VeChain price analysis is bullish for today as a new higher low was established after a strong retracement yesterday. Therefore, we expect VET/USD to reverse and start heading higher later today.
The cryptocurrency market trades in the red over the last 24 hours, with Bitcoin losing 3.85 percent. VeChain (VET) is among the worst performers, with a loss of 11.4 percent.
VeChain price movement in the last 24 hours: VeChain retraces to retest $0.116 mark
VET/USD traded in a range of $0.1133 – $0.1345, indicating substantial volatility over the last 24 hours. Trading volume has dropped by 6.17 percent and totals $1.3 billion. Meanwhile, the total market capitalization trades around $7.56 billion, resulting in a market rank of 22nd place.
VET/USD 4-hour chart: VET prepares to rally again?
On the 4-hour chart, we can see the VeChain price establishing a higher low in preparation for further upside over the following days.
VeChain price has rallied around 150 percent over the past month after a new major swing low was set around the $0.056 mark on the 20th of July. Since then, VET/USD has broken through the previous swing high of around $0.095, indicating a change in the market sentiment.
However, the next major swing high resistance is still ahead, around $0.15. Last week’s rally could not push VET to this mark, and resistance was met at around $0.144. From there, VeChain started to retrace and quickly lost 20 percent.
Support was eventually found at the $0.116 previous swing high resistance, which now acts as a support. Since further downside was rejected, we can expect VET/USD to reverse and start heading higher over the rest of the week, with the next upside target at $0.15.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish for the next 24 hours as support was found around $0.116 after a rapid decline over the last 24 hours. Therefore, VET/USD has likely set another higher low, and another rally along the several-week momentum can be expected later this week.
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