- VeChain price analysis is bearish for today.
- VET/USD rallied to a daily high of $0.1530
- VET/USD rejected further upsides hence preventing a rally to $0.1600
Today’s VeChain price analysis shows that the coin is awaiting a bearish trend in the next 24-hours after the market witnessed a slow uptrend to the $0.1600 region and then a sudden downtrend to the $0.1300 mark. Therefore, we are expecting the VET/USD to decline in the course of the day and retest lower support around $0.1250.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market is trading in the red zone after shedding value on the 24-hour chart. Bitcoin broke from the $52k mark and retraced by 0.81 percent; ETH lost 3.77 percent while ADA and XRP lost more than 2 percent. Solana emerged as the best performing coin of the day with a percentage increase of 28 and was able to break into the $180 level.
VeChain price movement in the last 24 hours: VeChain spikes to $0.1500
According to the 24-hour Vechain price analysis, the VET/USD pair traded with a range of strong volatility from $0.1325 – $0.1530. Vechain’s total trading volume went up by 9.73 percent to a sum of $864 million. Meanwhile, the coin has accumulated a total market capitalization of $8.8 billion and ranks at position #23 overall.
VET/USD 4-hour chart: VET set to retrace overnight?
The 4-hour Vechain price analysis chart shows the supply chain token attempting to accumulate more upsides and clear the path for more retracement. VET/USD 4-hour chart. Source: TradingView
Vechain price movement in the last few weeks has been characterized by strong bullish momentum after the coin corrected upwards by approximately 190 percent to the $0.1600 region.
The bulls seem to have gotten exhausted, and the uptrend is slowing down. Thereby suggesting the possibility of a reversal in the coming days.
A lower high was set on Thursday last week near the $0.115 support, and the VET/USD pair continued to tighten the daily range, thereby diminishing volatility on the daily charts.
VeChain Price Analysis: Conclusion
Today’s VeChain price analysis indicates bearish signals after the market underwent a quick spike in the early morning hours, followed by a downward correction to $0.1300. Therefore, we are expecting the VET/USD pair to reverse and keep retracing towards lower support at $0.115. In the meantime, check out some of our articles on Decentralized Exchanges, Wrapped Bitcoin as well as NFT Marketplace.
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