TL; DR Breakdown
- VeChain price analysis is bullish for today.
- VET/USD is currently trading at $0.09.
- VET is likely to move higher today.
On the previous day’s Cardano price analysis chart, VET was following a good trend. However, when the daily price analysis chart came in, intense selling pressure caused the prices to plummet to their lowest point on the daily price analysis chart. The bulls appeared to be strategizing a possible attack to reverse the current negative trend. The bulls congregated in large numbers and amassed enough power to establish strong support, which reversed the bearish trend and caused VeChain’s price to rise.
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 test the nearest resistance at $0.123 again.
The entire cryptocurrency is trading negatively as most parts of the heatmap are red. The largest digital asset BTC is trading bearishly, recording a price decline of 2 percent, and it is currently trading with a few dollars above $40K. The closest Bitcoin competitor ETH is trading in the same trend as the giant asset; Ether is down by 5%. The Binance coin also trades in the same direction, recording losses of more than 4 percent. Despite the cryptocurrency heat map showing bearish trends, some coins have recorded significant price surges. AVAX is the hottest gainer on the daily cryptocurrency heatmap.
VET/USD 4-hour chart: Bullish signals
On the 4-hour chart, VeChain price attempts to regain control of the $0.10 support, which it earlier crossed. The bulls are likely preparing to retake control.
VET/USD 4-hour chart. Source: TradingView
VeChain price action has seen substantial 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. Taking into account the recent retest of support, the VeChain price should move higher over the next 24 hours and retest the upper boundary of the trading range.
The Bollinger bands are narrow on the 4- hour price analysis indicating that VET is experiencing low volatility. VET/USD price 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.
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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