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VeChain Price Analysis: VET drops to $0.15, quick recovery in progress

VeChain Price analysis

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD likely saw the final push lower to $0.15.
  • Bullish momentum returned this morning.

VeChain price analysis is bullish today as we saw strong rejection for further downside as the market approached $0.15. Therefore, we expect VET/USD to recover later today and likely continue higher by the end of the week.

VeChain Price Analysis: VET drops to $0.15, quick recovery in progress 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a strong advance over the last 24 hours. Bitcoin gained 2.11 percent, while Ethereum 0.39 percent. Meanwhile, Hex (HEX) was the top performer, with a gain of over 11.86 percent.

VeChain price movement in the last 24 hours: VeChain drops to $0.15, rejects further downside

VET/USD traded in a range of $0.1503 – $0.1824, indicating strong volatility over the last 24 hours. Trading volume has increased by 20.23 percent and totals $1.3 billion. Meanwhile, the total market cap trades around $10.69 billion, ranking the coin in 22nd place overall.

VET/USD 4-hour chart: VET ready to recover?

On the 4-hour chart, we can see the Vechain price action heading higher as sellers are exhausted.

VeChain Price Analysis: VET drops to $0.15, quick recovery in progress
VET/USD 4-hour chart. Source: TradingView

VeChain price action has continued to advance so far in November. After several days of bullish momentum, VET/USD reached $0.165.

Slight consolidation followed before another push higher on Monday took VET to $0.187 several months high. Bulls could not sustain this price level for long, resulting in a retracement to $0.165 at first.

After an attempt to push higher again, the VeChain price peaked at around $0.18, resulting in a massive spike to $0.15 overnight. Since then, VET/USD has started to recover as bullish pressure has returned this morning.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish today as a strong higher low was set yesterday after a brief spike to $0.15. Therefore, VET/USD will likely prepare for another push higher over the next 24 hours.

While waiting for VeChain to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.

Lapin

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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