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VeChain Price Analysis: VET/USD is bullish for the next 24 hours

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD is currently trading at $0.1332.
  • Closest resistance at $0.143.

VeChain Price Analysis: General price overview

Vechain’s price is up today due to additional higher highs set over the past 24 hours after the $0.128 level prevented further decline on Friday. As a result, we anticipate VET/USD to continue rising and challenge the $0.143 mark next.

In the long run, a bullish VeChain price forecast is accurate. Despite the fact that values are presently trading near their all-time high levels, VeChain has yet to hit a new all-time high since August, possibly due to a lack of buying interest after the previous peak volatility.

In the long term, a positive VeChain price prediction is correct. Despite the fact that prices are presently near their all-time highs, VeChain has yet to hit a new all-time high since August, possibly due to a lack of buying interest following the previous peak volatility.

As a result, if the bulls push VET/USD above $0.14 next, we should see VeChain price analysis attempt to retake its all-time high at $0.155 in the near term. However, it will depend on what happens with Bitcoin, which has a substantial influence on the entire cryptocurrency market as demonstrated on Sunday when it fell by more than 10%. If Bitcoin goes back to being a negative weight on the cryptocurrency market, we might have a repeat of last week.

VeChain price movement in the last 24 hours: VeChain moves above the previous high after retesting $0.128 as support

Back then, VeChain’s price was bearish as VET/USD could not break above $0.128, which indicated that the low of yesterday at $0.127 was retested throughout the day as a support level. When this line is tested again, it usually breaks once or twice, depending on whether there are significant sellers in the market to justify the increased volatility.

Therefore, we might not be facing a new all-time high for VeChain price analysis despite the fact that it moved above $0.128 and hasn’t come back down since then. Generally, this means that buyers are in control of the market and intend to gain momentum relative to last week’s price action when VET/USD managed to break out and close above $0.14 but could not sustain its gains for very long thereafter.

As a result, when we look at the present price, we can see that VET/USD opened with a bullish candlestick, which is a strong bullish indication. This was followed by another local higher high yesterday afternoon, which was subsequently rejected by the resistance at $0.128 and closed near its lows at the end of the day. However, this did not prevent additional upside for VET/USD as it rose above its daily resistance of $0.128, establishing another local higher high at $0.14 in the process.

Considering that VET/USD has exhibited strong bullish signals in the last 24 hours, we expect the price movement for this week to follow an uptrend, with the first target being at $0.143. The closest resistance line that must be broken is at $0.128 after which VET/USD can test its all-time high of $0.155 in due time provided there are no major developments on the market today which might lead to increased volatility.

The most recent action, which is consistent with the prior few days, has seen VET/USD continue to rise but against strong selling pressure at $0.128, which has prevented further appreciation. Since yesterday’s opening, we’ve observed more buying in VET/USD, resulting in a local high watermark.

As a result, if the momentum persists, VET/USD should head towards resistance at $0.14 next. However, given the recent negative sentiment in the cryptocurrency market, it is advisable that all traders safeguard their funds by keeping their stop losses tight below support levels such as $0.128 and $0.125.

VET/USD 4-hour chart: VET aims $0.143

On the 4-hour chart, we can see that Vechain’s price is making a slow ascent, which may result in another push to $0.143 resistance later today.

VET/USD 4-hour chart. Source: TradingView

From the 0.115 mark, a significant rally was witnessed over the following days until the $0.135 next resistance was reached on Friday. VET/USD has retraced to test the previous swing high resistance at $0.128 in yesterday’s trading, resulting in an upside reversal.

VeChain prices reached a new all-time high yesterday, as demand for the cryptocurrency picked up following last year’s slump. After falling below $0.1 on June 11, VeChain price action established a new low at $0.078 before bouncing back with renewed momentum late yesterday. VET/USD eventually made a slightly higher high at $0.138, suggesting that further gains are expected today to the $0.143 resistance level.

VeChain Price Analysis: Conclusion

The VET/USD pair is trading at a premium against Bitcoin, which has resulted in an overbought condition. However, the price of VeChain has recovered since yesterday’s dip after technical resistance was tested once more at $0.128 previous support levels. As a result, we believe that the VET/USD pair will continue to gain momentum, reaching $0.143 later on.

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.

This post was last modified on October 25, 2021 3:41 am

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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