- 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.
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 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.