- Vechain price analysis is bearish for today.
- VET/USD retraces after peaking at around $43.
- VET is set to retest the $38 support.
Vechain price analysis indicates bearish price action momentum to follow later today as the market peaked around $43 earlier today and currently declined back to $0.11250 support. Therefore, we expect VET/USD to decline further and retest the $0.11220 support later today.
The overall market traded in with mixed signals after some coins recorded gains while others posted losses. Bitcoin and Ethereum gained 0.25 percent and 0.21 percent respectively. Market losers include XRP, ADA, BNB, and SOL.
Vechain price movement in the last 24 hours: Bears take over again
VET/USD traded in a range of $0.1116 – $0.11409, indicating strong volatility over the last 24 hours. Trading volume has decreased by 8.21 percent and totals $494 million, while the total market cap trades around $7.2 billion, ranking the coin in 27th place overall.
VET/USD 4-hour chart: VET set to decline further?
On the 4-hour chart, we can see the Vechain price declining again as bulls are not ready to break higher.
Vechain price has recorded substantial volatility this week. A new lower low was set after a strong decline from $0.12900 to $0.09950 on the 7th of September. However, the market recovered pretty quickly in the days that followed.
In mid-September, VET returned above the $0.11300 support, with a further 40 percent upside over the following hours. The Vechain price action eventually peaked below $0.11390, resulting in a retracement to $0.11262 yesterday.
From there, another attempt to move higher was seen earlier today. VET/USD peaked at $0.11340 this time, with another retracement over the last hours. Overall, this should lead Vechain lower today, with the minor $0.11350 support likely retested again.
Vechain Price Analysis: Conclusion
Vechain price analysis is bearish for today as another attempt to move higher ended with rejection at $0.11409. Since then, VET/USD has moved lower, as the $0.11350 support will likely be retested again.
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