- 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.
The VET/USD pair has been in a bullish trend since the beginning of April. The most recent short-term top was formed at $0.149 on May 24, at which time price began entering into another uptrend, reaching today’s high at $0.13897. Since then, VeChain has gradually dropped down to the $0.11 level, where it is now consolidating in a flat.
VeChain price movement in the last 24 hours: VeChain retests $0.11 support again
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 firmly. It went down again to this level, but within 24 hours, it had recovered back above the $0.11 level.
VET/USD is currently trading around the resistance at $0.1183, with further support at $0.1080 and $0.1050 on the downside. The next significant resistance will be found at $0.15, where the $0.2 high formed on April 19 will act as an obstacle.
The VET/USD price movement trajectory is still positive, so we expect to see further bullish momentum soon. The RSI indicator has reached 54 and may produce a bearish divergence in the upcoming hours, but it should remain above 50. The MACD indicator is also favourable for price development and may create a bullish crossover soon.
The VET/USD pair has fallen by 3% over the past 24 hours, while Bitcoin is up by 1%. After a rough start to the day, the market has become more stable and steadily increased in volume. The overall trading volume for VET is $29 million, and the coin is ranked right after Bitcoin and Ethereum with a market capitalization of around $1.7 billion.
The next resistance level is found at $0.12, the previous high after which we expect to see a bearish correction. The next support level is at $0.115, and only a break below this will lead to further bearish movement.
The general trend for VET/USD is bullish, and it may continue this way for some time. VeChain price prediction is bullish, with an expected trading range of $0.1150 to $0.1250 in the short term, after which there will be a breakout to the upside towards resistance at $0.15.
VET/USD 4-hour chart. Source: TradingView
The Vechain price is experiencing significant fluctuation at the moment. On September 7th, the market value plummeted to $0.155, a 20% decrease from the prior swing high after several days of increasing momentum.
The VET/USD pair took a severe beating, with the cryptocurrency’s price plummeting more than 30% and then gradually recovering to $0.11. VET fluctuated in a narrow range for the next week, ranging from $0.11 to $0.123, with both support and resistance levels retests.
VeChain Price Analysis: Conclusion
We expect to see further consolidation in the cryptocurrency market once again over the next few days. Considering the recent test of support, the VeChain price is expected to rise and retest the upper limit of its trading range during the next 24 hours.
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