- VeChain price analysis is bearish today.
- VET/USD tests previous high.
- Rejection currently preventing further upside.
The VET/USD pair is trading in a very tight range today, with the market continuing to struggle against selling pressure after a brief advance above the previous high. As a result, we anticipate VET/USD to drop again and establish another higher low before attempting to rise further.
The overall market traded with bullish momentum over the last 24 hours. Bitcoin gained 3.87 percent, while Ethereum 1.98 percent. Meanwhile, ADA is among the top performers from the major altcoins, with a gain of 6 percent.
VeChain price movement in the last 24 hours: VeChain sets higher low, moves to testing previous high at $0.165
On May 10, VET/USD was seen in a range of $0.1713 to $0.17800, suggesting mild volatility over the previous 24 hours. Trading volume has increased by 41.47 percent and totals $838.55 billion. Vechain is placed in the 22nd position overall by market capitalization.
VET/USD 4-hour chart: VET shows signs of rejection for further upside?
On the 4-hour chart, we observed that Vechain’s price was slowing over the previous hours as selling pressure has reemerged around the prior high.
The price of VeChain has seen consolidation in a more and more tight range throughout the final 10 days of October, following its peak at $0.1478. On the 2nd of November, bulls reclaimed control for the first time since last week’s higher high.
Vechain strengthened and moved into a new range ahead of the equinox. The move began on June 30, when VET/USD was $0.1330, and reached $0.165 at its peak today before rolling over to start a correction with a lower high than previous highs.
After a small reaction higher, the VeChain price fell for another test of downside overnight, quickly finding support at $0.151 before swiftly rising. This morning’s high was broken not much by selling pressure as selling pressure rapidly returned, indicating that VET/USD is still not ready for extra upward movement.
VeChain Price Analysis: Conclusion
The VET/USD pair is in a bearish trend for the next 24 hours, as the $0.165 previous high has yet to be broken completely over the past hours. As a result, VET/USD will most likely retrace and establish another high low before further gains are realized.