- VeChain price analysis is bullish today.
- VET/USD established a higher swing low above $0.115 yesterday.
- VET ready to test further highs.
VeChain price analysis is bullish today as the market rallies from the $0.115 support and prepares to test the $0.14 resistance again. Therefore, we expect VET/USD to rally later today and potentially set a new higher high.
The cryptocurrency market traded with a strong bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 5.46 percent, while Ethereum is up by 6.75 percent. Meanwhile, Cardano (ADA) is among the best performers, with a gain of 18 percent.
VeChain price movement in the last 24 hours: VeChain moves away from $0.115 support
VET/USD traded in a range of $0.1142 – $0.1326, indicating substantial volatility over the last 24 hours. The total trading volume increased by 7.75 percent and totals $1.19 billion, while the total market capitalization trades around $8.422 billion, resulting in a market rank of 22nd place.
VET/USD 4-hour chart: VET targets the $0.14 resistance next?
On the 4-hour chart, we can see the VeChain price rallying higher as bulls look to set another higher high this weekend.
VeChain price action traded with a strong bullish momentum over the past month. From the $0.56 swing low set on the 20th of July, VET/USD gained more than 150 percent to the $0.144 current swing high.
However, after briefly spiking above the $0.14 mark, VET could not see any further upside and saw a several-day retracement to the $0.115 mark. Above the $0.115 mark, VET/USD consolidated for more than 24 hours until bulls took over the momentum overnight.
This VeChain price action development has resulted in a strong rally away from the $0.115 support over the past hours. If the bullish momentum continues, we expect VET to break above the $0.14 mark later this week and look to set further highs.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish as a new higher low was set yesterday above the $0.115 support, and the market started to move higher overnight. Therefore, we expect VET/USD to reach further heights later today and look to break past the $0.14 resistance.
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