- Today’s VeChain price analysis is indicating a bear market on the daily 24-hour
- VET/USD daily trading range starts from an intraday low of $0.1191 – $0.1239.
- VeChain began a bullish uptrend at the close of July,
Today’s VeChain price analysis is indicating a bear market on the daily 24-hour candlesticks after the price undertook a gradual breakout and suddenly retraced back to $0.1150.
The general cryptocurrency market is trading on neutral ground. Some altcoins are gaining, others are losing. Market leader BTC declined by 1.56 percent while ETH improved by 6 percent. The best perfomer on the charts is Polkadot with a 15 percent increase.
VeChain price movement in the last 24 hours: VeChain spikes to $0.125
The 24-hour VeChain price analysis has recorded that the VET/USD daily trading range starts from an intraday low of $0.1191 – $0.1239. Such a broad range shows an increase in volatility over the last 24 hours. VeChain witnessed a 1.79 percent surge in trading volumes and sums $791 million. During press time, VeChain is ranked at position #22 with a sum market capitalization of $7.7 billion.
VET/USD 4-hour chart: VET set to retrace overnight?
The 4-hour candlesticks on our VeChain price analysis managed to stage an uptrend that got rejected at $0.1231, which might have led the price towards a new daily high at $0.1240.
VeChain began a bullish uptrend at the close of July, which extended into the final days of August. In fact, the coin has undergone a bullish rally of up to 160 percent in the last 2-months when it first broke out of the $0.056 support On July 20. Unfortunately, the bulls seem exhausted with the heightening number of sellers as the rally picked higher lows.
As a result, the supply chain token retraced to the $0.1150 support and built a downside at this mark. The support would later be retested once more and for the subsequent time, indicate a tight price range for the VET/USD pair. Meanwhile, the last weekend also had the supply chain token record the third high before the bears took control and pulled the price back.
VeChain Price Analysis: Conclusion
The daily VeChain price analysis is suggesting the chances of a bearish movement in the next 24-hours which could overturn the quick morning spike to the $0.1239 daily high. Anticipate a downward correction in the upcoming hours that might see the coin hit a daily low of $0.1150.
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