logo

VeChain Price Analysis: VET retests $0.115 support, will it hold?

Vechain price analysis

TL;DR Breakdown

  • 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.

VeChain Price Analysis: VET retests $0.115 support, will it hold? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: VET retests $1.15 support, will it hold?
VET/USD 4-hour chart. Source: TradingView

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.

While waiting for VeChain to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Blockchain industry has over 81 Million active users, reports show
Explained: 2 Important Ethereum priorities after The Merge
Kitsumon launches NFT land sale in partnership with top NFT and Gaming platforms
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
Dogecoin price analysis: DOGE peaks at $0.063, quickly tests $0.06  

Follow Us

Industry News

What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?
FTT burn Vs. BNB burn Vs. Shiba burn
Was the Wintermute hack an inside job?
Watch: Inside the Walmart Metaverse 2022