TL;DR Breakdown
- VeChain price analysis is bearish today.
- VET/USD spiked back to $0.123 major resistance.
- $0.123 major barrier was breached.
VET/USD is currently in a bearish trend, as the $0.123 major barrier was breached after a strong rally over the previous 24 hours. As a result, we anticipate VET/USD bulls to be burned out and for the market to require a retracement.
VeChain price movement in the last 24 hours: VeChain spikes back to $0.123
The price of VET/USD moved between $0.1053 and $0.1224 throughout the day, indicating a high degree of volatility in the previous 24 hours. Trading volume has increased by 73.5 percent, reaching a total of $762.68 billion, while the overall market cap is valued at around $7.73 billion. VET/USD is bearish and vulnerable to a pullback
As shown in the chart, VET/USD reached $0.123 just after 7:00 UTC time, before pulling back to $0.117 at present. Although we could see some further sideways movement over the next 12 hours, VET/USDChain Price Analysis: VET/USD is bearish and vulnerable to a pullback
VeChain price movement in the last 24 hours: The price of VET/USD moved between $0.1053 and $0.1224 throughout the day, indicating a high degree of volatility in the previous 24 hours. Trading volume has increased chain price movement in the last 24 hours: Trading volume has increased by 73.5 percent, reaching a total of $762.68 billion, while the overall market cap is valued at around $7.73 billion.
VET/USD 4-hour chart: VET to retrace next?
On the 4-hour chart, we can observe that after reaching the $0.123 resistance, the VeChain price is slowing down.
VET/USD 4-hour chart. Source: TradingView
On the 1st of October, VeChain’s price began its rise. On October 1, a strong rally from the previous main swing high of $0.082 was observed, resulting in a new high of $0.116.
VET/USD is in a bearish trend and vulnerable to a pullback, as the $0.123 major barrier was broken after a strong rally over the previous 24 hours. As a result, we anticipate VET/USD bulls to be burned out and for the market to require a retracement.
The price has now dropped to less than $0.12, and the AAVE/USD pair is in a bearish trend and vulnerable to a pullback, as the $0.123 significant barrier was broken after a powerful rally over the previous 24 hours. As a result, we anticipate VET/USD bulls to be exhausted, and VET/USD moved between $0.1053 and $0.1224 throughout the day, indicating a high degree of volatility in the previous 24 hours. Trading volume has increased.
VeChain Price Analysis: ConclusionÂ
We expect VET/USD to retrace some of the gains and look to establish a higher low in the coming 24 hours, owing to bearish price action for the next 24 hours. As a result, we anticipate VET/USD to retreat from some of its advances and seek a lower low.
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