- VeChain price analysis is bullish for today.
- VET/USD still holds above $0.11 support.
- VET is likely to move higher today.
Vechain price analysis for today is favorable since the $0.11 support level has not been broken. As a result, we anticipate VET/USD to reverse and attempt to test the nearest resistance at $0.123 again.
Over the last 24 hours, the market as a whole has moved slightly downward. Bitcoin is down 1%, whereas Ethereum has dropped by 3.03 percent. Meanwhile, Cosmos (ATOM) is the standout performer, with an increase of almost 9%.
VeChain price movement in the last 24 hours: VeChain retests $0.11 support again
The price of VET/USD fluctuated between $0.0869 and $0.09497 during the last 24 hours, indicating a low degree of volatility. Trading volume has decreased by 25.59 percent, totaling $264.6 billion. Meanwhile, the entire market capitalization presently stands at around $7.25 billion, putting the total cryptocurrency market cap deficit at around $80 million.
VET/USD 4-hour chart: VET look to move higher today?
On the 4-hour chart, VeChain price is attempting to regain control of the $0.10 support, which it earlier crossed. The bulls are likely preparing to retake control again.
VeChain price action has seen strong volatility so far this month. After several days of bullish momentum took the market price to $0.155 new swing high, a sharp drop was seen on the 7th of September.
VET/USD quickly lost more than 30 percent until it finally stabilized above the $0.11 mark. Over the following week, VET traded in the $0.11-$0.123 price area, with several retests of both the support and resistance.
Overall, this price action development indicates that we are to see further consolidation. Considering the current retest of the support, the VeChain price should move higher over the next 24 hours and retest the upper boundary of the trading range.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish today as the market has retested the $0.10 support and currently prepares to reverse higher again. Therefore, we expect VET/USD to move towards the $0.9990 resistance next.
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