VeChain Price Analysis: VET sets higher low at $0.08, ready to break higher?

VeChain Price analysis

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD set a higher high at $0.08.
  • Closest resistance at $0.088.

VeChain price analysis is bullish today as we expect more upside to follow after a steady advance yesterday. Likely, bulls are ready to attempt to break a higher high above the $0.088 mark next week.

VeChain Price Analysis: VET sets higher low at $0.08, ready to break higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, trades with a 1.11 percent gain, while Ethereum remains flat with a small loss of 0.03 percent. Meanwhile, VeChain (VET) trades with almost a 1 percent gain.

VeChain price movement in the last 24 hours: VeChain slowly moves higher, targets $0.088 next?

VET/USD traded in a range of $0.08184 – $0.0849, indicating low volatility over the last 24 hours. Trading volume has declined by 21.86 percent, totaling $230.8 billion, while the total market capitalization trades around $5.33 billion, ranking the coin in 31st place overall.

VET/USD 4-hour chart: VET to continue higher?

On the 4-hour chart, we can see the VeChain price slowly advancing higher over the last 24 hours, likely leading to a break above $0.88 early next week.

VeChain Price Analysis: VET sets higher low at $0.08, ready to break higher?
VET/USD 4-hour chart. Source: TradingView

VeChain price action has seen a steady decline over the past weeks after a reaction from the massive selloff seen at the beginning of the month. After a new swing low was set below $0.1, VET/USD started to slowly trade lower again.

The current low at $0.075 was reached on Monday, indicating a bearish market structure. After brief consolidation and a failure to move any lower, VET saw quick retracement to the previous high at $0.088.

However, the following move lower, bottomed out around $0.08, setting a higher local low. Therefore, we assume the VeChain price action is now ready to attempt a break higher, which could potentially reverse the overall bearish market structure.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish bullish today as we expect more upside to follow over the next 24 hours. Likely VET/USD will move towards the $0.088 previous high next in an attempt to break higher.

While waiting for VeChain to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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.

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