- VeChain price analysis is bullish today.
- VET/USD likely saw the final push lower to $0.13.
- Bullish momentum returned this morning.
Things are looking good for VeChain bulls today, with solid rejection for further downside throughout the market’s journey towards $0.13. As a result, we expect VET/USD to recover later today and perhaps rise even higher by the end of the week.Cryptocurrency heat map. Source: Coin360
The overall market saw some bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.38% and 5.35%, respectively. Meanwhile, Hex (HEX) is still the top performer, with a gain of over 12 per cent.
VeChain price movement in the last 24 hours: VeChain drops to $0.15, rejects further downside
The VET/USD pair traded in a range of $0.1503 to $0.1824 during the trading session, indicating considerable volatility over the previous 24 hours. Trading volume has risen by 20% and is now worth $1.3 billion, up from $1.2 billion at the beginning of April 2019. Meanwhile, overall market capitalization rose to $1.6 billion, up from $1.5 billion yesterday.
VET/USD 4-hour chart: VET ready to recover?
On the 4-hour chart, we see that Vechain’s price is rising as sellers are exhausted.
VET/USD 4-hour chart. Source: TradingView
So far, VeChain price action in November has shown a lot of stability. After several days of favourable market momentum, VET/USD climbed to $0.165.
The pair broke above a short-term obstacle at $0.15 on Monday and has since consolidated, before moving higher again on Monday and reaching $0.187 several months high. Bears were unable to defend this price level for long, forcing a retracement back down to $0.165 initially.
After reaching back towards the $0.10 mark, the VeChain price surged to around $0.18, resulting in a dramatic boost to $0.15 overnight. Since then, VET/USD has begun to recover as bullish momentum has returned this morning.
VeChain Price Analysis: Conclusion
The VET/USD pair is currently in a strong uptrend, which has resulted in a building higher low on Monday. As a result of this, the VET/USD pair will most likely resume its ascent over the next 24 hours.