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VeChain Price Analysis: VET rallies from $0.115 support, ready to test previous high today?

Vechain Price Analysis

TL;DR Breakdown

  • 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.

VeChain Price Analysis: VET rallies from $0.115 support, ready to test previous high today? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: VET rallies from $0.115 support, ready to test previous high today?
VET/USD 4-hour chart. Source: TradingView

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.

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.

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