- VeChain price analysis is bullish for today.
- VET/USD still holds above $0.11 support.
- VET is likely to move higher today.
The VET/USD pair is in an uptrend due to the recent surge in price. The $0.11 support level remains a barrier for today’s price development, and the current market momentum is still positive. As a result, we anticipate that VET/USD will reverse higher once again and target the nearest resistance at $0.123
Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.
VeChain price movement in the last 24 hours: VeChain retests $0.11 support again
Over the previous 24 hours, VET/USD showed a range of small swings, with a price of $0.1113 to $0.1155 on December 15th. Trading volume has decreased by 25.59 percent and is worth $264.6 billion at current prices. Meanwhile, the market capitalization now stands at about $7.59 billion.
VET/USD started the day at $0.1132 to resistance at $0.1166. The pair then dropped slightly but recovered quickly to regain its bullish momentum. VET/USD reached the support level of $0.1113 and held it strongly.
VET/USD 4-hour chart: VET look to move higher today?
We can see the VeChain price testing the $0.11 support on the 4-hour chart once again, as bulls are likely getting ready to take over once more.
VET/USD 4-hour chart. Source: TradingView
The Vechain price is seeing significant volatility at the moment. After several days of increasing momentum, the market price dropped to $0.155 on September 7th, a 20% correction from the previous swing high.
The VET/USD pair was hit even harder, with the cryptocurrency’s price dropping over 30% and then gradually rising back up to $0.11. For the next week, VET fluctuated within a tight range, ranging from $0.11 to $0.123, with retests of both support and resistance levels..
In the end, this price movement indicates that we will see further consolidation. Considering the current test of the support, the VeChain price should rise over the next 24 hours and retest the top limit of the trading range.
VeChain Price Analysis: Conclusion
The VeChain price is trading in the green today, as the market rebounds from support at $0.11 and is now poised to reverse higher once again. As a result, VET/USD will probably advance towards the $0.123 resistance next.
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