VeChain Price Analysis: Bulls eye $0.2 next

VeChain price analysis

TL;DR Breakdown

  • VeChain price analysis is bearish today.
  • VET/USD tests previous high.
  • VET/USD is currently trading at $0.1718.

The VET/USD pair is currently in a tight range, with the market continuing to battle selling pressure after a modest advance above the prior high. As a result, we anticipate VET/USD to fall again and establish another higher low before rising further.

The VET/USD pair is trading at the high end of its latest range, but this is likely to fall soon as selling pressure continues to mount. As a result, VET today traded close to the low end of the recent range at $0.1689 before bouncing back slightly above the prior high at $0.1788. However, this has failed to provide significant support so far, suggesting that the up-move is over now.

VET/USD will likely fall again and establish another higher low before attempting to rise further.

The VET/USD pair has been trading in a tight range for the majority of the last three weeks, with the market finding new resistance above $0.1953 levels during May 14–20th, which has prevented any upwards movement since then. The latest decline tested the current range support before a bounce-back above $0.1788 during May 24–26th.

VET/USD 4-hour chart: VET shows signs of rejection for further upside?

On the 4-hour chart, we saw that Vechain’s price was slowing over the previous hours as selling pressure had resurfaced around the prior high.

VeChain Price Analysis: Bulls eye $0.2 next 1
VET/USD 4-hour chart. Source: TradingView

VeChain’s price has been consolidating at a tighter and tighter range throughout the past 10 days, with its peak reaching $0.1478 in late October. The bull camp regained control for the first time since last week’s higher high on November 2nd.

Vechain advanced into a new price category ahead of the equinox. The takeover began on June 30, when VET/USD was $0.1330 and peaked today at $0.1718 before rolling over to begin a decline with a lower high than previous highs.

The price of VeChain rose after a modest reaction lower, then fell for another test of downside overnight, quickly finding support at $0.151 before swiftly rising. This morning’s high was broken by selling pressure, which indicates that VET/USD is still not ready for additional 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 completely surpassed over the past hours. As a result, VET/USD will most likely retrace and establish another high low before more gains are realized.

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.

Sergio Goschenko

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.

Related News

Hot Stories

How to stake Verasity (VRA): What's the 2,500,000,000 reward capacity?
Singapore’s crypto lender Hodlnaut shuts down
How to Stake on Kraken: Earn Up to 23% APY On Your Crypto
Go Around the World with 1xBit and Win Crypto
Bitcoin, Binance Coin, ApeCoin, and Decentraland Daily Price Analyses – 8 August Morning Price Prediction

Follow Us

Industry News

Singapore’s crypto lender Hodlnaut shuts down
Celsius withdraws motion to rehire CFO at $92,000 a month
Crypto.com earns license of operation in South Korea
Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance