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VeChain price analysis: VET/USD is bearish for the next 24 hours

Avalanche price analysis

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.

VeChain price analysis: VET/USD is bearish for the next 24 hours 1VET/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: Conclusion 

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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