- VeChain price analysis is bullish for today.
- The whole cryptocurrency market is showing bearish signals as most coins trade in the red zone.
- VET is likely to move higher today.
Vechain’s five-day price analysis chart suggests that the market is generally bullish as most candlesticks are red. However, the chart picked off with bullish momentum. The bulls were so strong that the bears tried to pull them downwards.
The Moving Average indicators show a bullish potential as the short-term indicator crossed above the 200- day Moving Average. The moving average lines consolidated at one point, meaning that the buyers wanted to enter the market.
The whole cryptocurrency market is showing bearish signals as most coins trade in the red zone.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency is bleeding. The largest digital currency, BTC, is trading at $46K, a 3 percent price drop. Before the recent price dip occurred, Bitcoin was trading in a bullish trend, and it had surpassed its target of $50K. Bitcoin’s closest competitor ETH trades at $3.2K recording a drop of 5 percent. VET/USD is trading in a promising trend, recording a 1.76 percent price surge.
VeChain price movement in the last 24 hours: VeChain retests $0.11 support again
VeChain coin price analysis has been bearish in the last 24 hours. However, bulls are attempting to break the negative trend and set the coin in upward momentum. The buyers are aiming to break past the daily resistance created at $0.2.
VET/USD 4-hour chart: VET look to move higher today?
On the 4-hour chart, we can see the VeChain price testing the $0.11 support again as bulls likely prepare to take over again.
VET/USD 4-hour chart. Source: TradingView
The Bollinger bands are narrow on the 4- hour price analysis indicating that VET is experiencing low volatility. VET/USD rice has crossed below the lower Bollinger band, indicating that the market is negative. The seller’s dominance on the four-hour price analysis chart seems to have wholly outnumbered the bulls, and the bear trend might continue before the daily price analysis chart closes.
The price of VeChain has been extremely unstable throughout the first half of September. After several days of good momentum,
VET/USD dropped over 30% in a short time, then began to firm. The pair gradually lost more than 30% of its value until it stabilized around the $0.11 level. VET fluctuated between $0.11 and $0.123 throughout the following week, with several attempts at both support and resistance positions.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish today. The buying is so intense that the sellers have tried to curb the bullish trend severally on the daily VeChain price analysis chart without success. According to technicals the bullish trend is set to continue throughout the day.
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