- VeChain price analysis is bearish today.
- VET/USD spiked back to $0.123 major resistance.
- Bullish momentum has slowed down over the past hours.
VeChain price analysis is bearish today as the $0.123 major resistance was reached after a very strong rally over the last 24 hours. Therefore, we expect VET/USD bulls to be exhausted and a retracement is needed next.
The overall market traded in the green over the last 24 hours, with Bitcoin up by 4.91 percent. Meanwhile, Ethereum is up by 5.42 percent, while VeChain (VET) is in the middle of the pack, with a gain of 13.6 percent.
VeChain price movement in the last 24 hours: VeChain spikes back to $0.123
VET/USD traded in a range of $0.1053 – $0.1224, indicating strong volatility over the last 24 hours. Trading volume has increased by 73.5 percent and totals $762.68 billion, while the total market cap trades around $7.73 billion, ranking the coin in 24th place overall.
VET/USD 4-hour chart: VET to retrace next?
On the 4-hour chart, we can see the VeChain price slowing down after reaching the $0.123 resistance, indicating an upcoming reversal.
VeChain price saw a strong beginning of October. A sharp rally from the previous major swing high of $0.082 was seen on the 1st of October, leading to a new high at $0.116.
From there, VET/USD consolidated for several days until another spike higher was seen on the 9th of October, reaching the $0.123 mark this time. What followed was a swift retracement of around 18 percent to the $0.101 mark.
Further downside was rejected on Tuesday, reversing VET/USD back to the upside after some consolidation. Since then, the VeChain price has seen a strong rally higher as the $0.123 major swing high is tested again.
VeChain Price Analysis: Conclusion
VeChain price analysis is bearish for the next 24 hours as bullish momentum is exhausted after a strong rally back to the $0.123 mark over the last 24 hours. Therefore, we expect VET/USD to retrace some of the gains and look to set a higher low.
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