- VET retraced to the $0.10 mark yesterday.
- VET/USD still bearish over the past week.
- Next target at $0.155.
Today’s VeChain price prediction is bullish as the market retraced overnight and found support at the $0.10 mark. Therefore, we expect VET/USD to move higher over the next 24 hours and reach the next resistance target at $0.155.
The overall market trades with a substantial loss over the last 24 hours. Bitcoin has lost 6 percent, while Etyhereum 7.4 percent. The rest of the market follows this pattern of bearishness.
VET/USD opened at $0.108 after a bearish close yesterday. Currently, VET/USD retests the $0.10 support, which if holds should lead towards more upside later today. Alternatively, if VET/USD breaks below $0.10, we expect further downside over the next 24 hours with the next support located at $0.07.
VeChain price movement in the last 24 hours
The VET/USD price moved in a range of $0.09849 – $0.1147, indicating mild volatility over the last 24 hours. Trading volume has decreased by 24.72 percent and totals $947.8 billion. The total market cap trades at $6.4 billion, ranking the cryptocurrency in 21st place overall.
VET/USD 4-hour chart – VET tests $0.10
On the 4-hour chart, we can see the VeChain price attempting to move below $0.10, which could lead to further downside later today.
The overall market trades with a bearish price action structure over the past 24 hours. VeChain price has lost around 80 percent from the previous major swing high of around $0.25. Therefore, bears are likely exhausted and we should see VET/USD reverse in a major way over the next week.
However, the VeChain price action first has to set a new higher high above the $0.14 mark. The first steps towards a higher high are already in place as the $0.14 previous swing high was retested on Wednesday.
From there VET/USD started to retrace and reached the $0.10 mark over the past hours. As long as the $0.10 mark holds, we can expect VET/USD to move higher today.
The first target is located at the $0.155 mark, which if broken, will create a very bullish VeChain price action structure, and likely lead towards further upside next week.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the market has found support around the $0.10 mark and currently rejects further downside. Therefore, as long as the $0.10 level is not broken, we expect the market to set a higher low and start moving towards the next price target at $0.155.
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