- VeChain price analysis is neutral for today.
- VET/USD has approached the $1.15 support again.
- VET saw heavy rejection for upside yesterday.
VeChain price analysis is neutral for today as the market approached the $0.115 support again after a heavy selloff yesterday. Therefore, VET/USD is in a tough decision on where to go next, and further price action movement is required.
The cryptocurrency market traded in the red over the last 24 hours as bears pushed the market lower overnight. Market leaders, Bitcoin and Ethereum, have both declined around 1.7 percent, while VeChain has followed with a loss of 2.4 percent.
VeChain price movement in the last 24 hours: VeChain retraces back to $0.115 after rejecting further upside
VET/USD traded in a range of $0.1154 – $0.1277, indicating strong volatility over the last 24 hours. Trading volume has decreased by 16.9 percent and totals $1.1 billion, while the total market capitalization trades around $7.5 billion, resulting in a market rank of 22nd place.
VET/USD 4-hour chart: looks to break below $0.115?
On the 4-hour chart, we can see the VeChain price testing the $0.115 support again, leading to further downside today.
VeChain price has traded with a powerful bullish momentum over the past month. After setting a slightly lower swing low around $0.056 on the 20th of July, the market reversed and started to advance rapidly.
So far, VET/USD has gained around 155 percent to the $0.144 high. However, no further upside was not seen earlier today, sending the VeChain price towards a several-day retracement.
Support was found around the $0.115 mark and, after some rally, retested overnight. Since further upside was heavily rejected again, we assume VET/USD will attempt to test further downside later today. Although, if the $0.115 support holds, VET could see reversal later today.
VeChain Price Analysis: Conclusion
VeChain price analysis is neutral for today as the market trades above the $0.115 support after a decline overnight. Therefore, VET/USD is in a tough decision on where to go next, and we should wait for further price action development.
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