TL; DR Breakdown
- Vechain began the daily price analysis with the sellers controlling the market.
- VET/USD is trading within a range of $0.1127 – $0.1165.
- Most technical indicators suggest, VET/USD is trading in a bulish momentum.
VeChain price analysis: General price overview
Vechain began the daily VeChain price analysis as the sellers controlled the market, causing the prices to decline. The bulls caused a resistance at $0.12. VET/USD began an upswing. However, the upward momentum did not take long before the sellers came back into the market and created strong resistance to facilitate a bullish reversal.
The VET price analysis for today is bullish because the market began to move higher this morning, finding support at $0.12 overnight. As a result, we anticipate VET/USD to rise further over the next 24 hours and look to defend against resistance at $0.13.
The overall market traded in the green over the last 24 hours, with Bitcoin gaining 0.43 percent. Ethereum is up by 0.34 percent, while Cardano (ADA) is the best performer of major altcoins, gaining 6.6 percent.
The Bollinger bands are wide on the daily price analysis chart meaning the coin is trading in a highly volatile market. VET/USD price is close to the higher band meaning the coin is trading in bullish momentum, and the coin will be bullish in the next few trading sessions.
Most parts of the cryptocurrency heat map are green. This suggests that the buyers are more than the sellers, hence causing a surge in most coins.
The largest digital asset is bullish today, though it has recorded a slight percentage increase from yesterday’s price. At writing, one Bitcoin (BTC) trades at $45.2K. The second-largest digital asset is also trading in a slightly bullish trend, recoding 2 percent gain, and it is now trading at $3.3.
VeChain price movement in the last 24 hours: VeChain trades in a tight range
VET/USD traded in a range of $0.1127 – $0.1165 with a trading volume of $475.0 billion, which is down by 15.65 percent from yesterday. The total market capitalization trades around $7.6 billion, ranking the coin in 25th place overall.
VET/USD 4-hour chart: VET targets $0.12 next?
The downside was protected by support at $0.11. The pullback from the $0.11 high has been seen before. It is prevalent in crypto trading to see brief dips resulting from speculations or price manipulation once an asset begins to increase rapidly and break out of an important range (known as a breakout). According to my analysis, the 100 percent retracement level at $1 may be critical for VeChain’s long-term growth because it will provide more space for BTC. On the 4-hour chart, we can see that the VeChain price is beginning to rise again today, with the $0.12 mark as the next target.
The Vechain price action has been relentless lately. Bulls became weary after rallying to $0.115 during the first few days of September, triggering a severe drop on September 7th.
VeChain Price Analysis: Conclusion
Most technical indicators suggest that the coin will continue trading in the bullish trends of the day. The bulls seem to be targeting the $0.12, which they are likely to attain before the VeChain daily price analysis closure.
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