- VeChain price analysis is bearish for today.
- VET/USD rallied over the last 24 hours.
- VET rejects further upside at $0.125.
VeChain price analysis indicates bearish price action momentum to follow over the next 24 hours as the market saw a rapid spike higher today after a several-day slow retracement. Therefore, we expect VET/USD to continue lower and look to retest the $0.115 mark next.
The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin decreased by 1.56 percent, while Ethereum gained 3.12 percent. Polkadot (DOT) is the best performer, with a gain of almost 19 percent.
VeChain price movement in the last 24 hours: VeChain spikes to $0.125
VET/USD traded in a range of $0.1165 – $0.1272, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.13 percent and totals $821.83 billion. Meanwhile, the total market capitalization trades around $8.07 billion, ranking the coin in 22nd place overall.
VET/USD 4-hour chart: VET set to retrace overnight?
On the 4-hour chart, we can see the VeChain price rejecting further upside as of now, which should lead towards further retracement overnight.
VeChain price action traded with a strong bullish momentum over the past weeks. After gaining 160 percent from the $0.056 support set on the 20th of July to the $0.144 resistance, bulls were exhausted.
What followed was a several-day retracement to the $0.115 support and a lower high set from there. On Thursday, the $0.115 support was retested for the second time, indicating that the VeChain price is trading in an increasingly tighter range.
Over the weekend, VET set another lower high, and the price has moved lower since. Overall, this price action development should lead VET/USD towards another push lower over the next 24 hours, with the $0.115 mark likely tested for the third time.
VeChain Price Analysis: Conclusion
VeChain price analysis is bearish for today as the market saw a quick spike higher today after several days of retracement. Therefore, we expect VET/USD to reverse and continue retracing towards the $0.115 support.
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