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VeChain Price Analysis: VET slowly trades higher, targets $0.143 next resistance?

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD set another local higher high yesterday.
  • Closest resistance at $0.143.

VeChain price analysis is bullish today as further higher highs have been set over the last 24 hours after the $0.128 mark prevented further downside on Friday. Therefore, we expect VET/USD to continue higher and test the $0.143 mark next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly with bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.90 and 3.03 percent, respectively. Meanwhile, Shiba Inu (SHIB) is the top performer, with around 40 percent gain.

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

VET/USD traded in a range of $0.1317 – $0.1394, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 0.53 percent and totals $553.7 million, while the total market cap trades around $8.77 billion, ranking the coin in 23rd place overall.

VET/USD 4-hour chart: VET targets $0.143 next?

On the 4-hour chart, we can see the Vechain price action slowly moving higher, likely leading to a move to $0.143 next resistance later today.

VET/USD 4-hour chart. Source: TradingView

After a strong start of October, the VeChain price did see a slowdown during the middle of October as only slightly higher highs could be set. After peaking at $0.128 on Monday, VET/USD saw a clear higher low set at $0.115 on Tuesday.

From the 0.115 mark, a strong rally was seen over the following days until the $0.135 next resistance was reached on Friday. Yesterday, VET/USD retraced to retest the previous swing high resistance as support at $0.128, leading to a reversal to the upside.

Late yesterday, VeChain price action saw bullish momentum return, leading back towards the previous high. Eventually, VET/USD made a slightly higher high at $0.138, indicating we could see further upside today to the $0.143 next resistance.

VeChain Price Analysis: Conclusion

VeChain price analysis is bullish today as further upside was seen yesterday after a retest of $0.128 previous resistance as support. Therefore, we expect the bullish momentum for VET/USD to continue, leading to the $0.143 mark next.

While waiting for VeChain to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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 24, 2021 10:32 am

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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