- VeChain price analysis is bearish today.
- VET/USD tests previous high.
- Rejection currently preventing further upside.
VeChain price analysis is bearish today as selling pressure has returned after a brief move above the previous high. Therefore, we expect VET/USD to retrace again and set another higher low before pushing higher.
The cryptocurrency market traded mostly in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained 6 and 2.73 percent, respectively. Meanwhile, Avalanche (AVAX) continues to dominate the market with a gain of over 15 percent.
VeChain price movement in the last 24 hours: VeChain sets higher low, moves to test previous high at $0.165
VET/USD traded in a range of $0.1519 – $0.1678, indicating substantial volatility over the last 24 hours. Trading volume has increased by 41.47 percent and totals $838.55 billion, while the total market cap trades around $10.57 billion, ranking the coin in 22nd place overall.
VET/USD 4-hour chart: VET shows signs of rejection for further upside?
On the 4-hour chart, we can see the Vechain price action slowing down over the past hours as selling pressure has returned around the previous high.
VeChain price action saw consolidation in an increasingly tighter range over the end of October after peaking at $0.1478. A higher high was finally made on the 2nd of November, as bulls regained control last week.
From there, VET/USD spiked to $0.155 first, and, after some retracement, to the $0.165 mark, where a strong higher high was established. Over the weekend, Vechain retraced and set a higher low at $0.15.
After a slight reaction higher, VeChain price action went for another test of downside overnight, quickly finding support at $0.151 before rapidly pushing higher. The previous high was broken this morning by not much as selling pressure quickly returned, indicating that VET/USD is not yet ready for further upside.
VeChain Price Analysis: Conclusion
VeChain price analysis is bearish for the next 24 hours as the $0.165 previous high could not be broken clearly over the past hours. Therefore, VET/USD will likely retrace and set another high low before further upside follows.