- VeChain price analysis is bearish today.
- VET/USD found resistance at $0.14 yesterday.
- Closest support at $0.123.
VeChain price analysis is bearish today as we expect further downside to be tested after reversal from the $0.14 resistance. Therefore, VET/USD should see the $0.123 support tested next.
The cryptocurrency market traded mostly with bearish momentum over the last 24 hours. Bitcoin declined by 2.86 percent, while Ethereum lost 3.09 percent. Meanwhile, the rest of the top altcoins follow with similar losses.
VeChain price movement in the last 24 hours: VeChain starts to retrace after resistance is found at $0.14
VET/USD traded in a range of $0.1279 – $0.1385, indicating mild volatility over the last 24 hours. Trading volume has increased by 0.57 percent, totaling $540 million, while the total market cap trades around $8.38 billion.
VET/USD 4-hour chart: VET to test previous low?
On the 4-hour chart, we can see the VeChain price action moving lower, likely resulting in the previous low tested later today.
VeChain price action has continued to trade in a bearish market structure for the past week. After a very strong beginning of November, a strong higher high was set above $0.185 on the 9th of November.
From there, a sharp drop followed to $0.15. Several days later, VET/USD tested upside again, setting a clear lower high at $0.175 before dropping again. Initially, VET reached the $0.135 mark, with a further drop to $0.123 on the 18th of November.
From there, the Vechain price consolidated below $0.14 over the weekend. Overnight, bears resumed pushing lower, leading VET/USD to $0.13. Overall, the selloff should continue later today, with the $0.123 mark being the target to reach next.
VeChain Price Analysis: Conclusion
VeChain price analysis is bearish today as we expect the current selloff to continue. The closest support for VET/USD is located at $0.123 and should be reached over the next 24 hours.