Vechain Price Analysis: VET/USD set to move below $0.1200 in the next 24-hours

ATOM USD price analysis

TL;DR Breakdown

  • 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.

Vechain Price Analysis: VET/USD set to move below $0.1200 in the next 24-hours 1

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. Vechain Price Analysis: VET/USD set to move below $0.1200 in the next 24-hours 2VET/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 ExchangesWrapped Bitcoin 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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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