- VeChain price analysis is bullish today.
- VET/USD is currently trading at $0.0791.
- Closest resistance at $0.088.
The current VeChain price is bearish, as we anticipated further gains to come after a solid rise yesterday. Bulls are likely to attempt to break a higher high the following week around $0.088.
VeChain price analysis is bullish today. The cryptocurrency has seen a significant rise in value over the past 24 hours, with its value against the US dollar hitting a new high of $0.08. This follows from yesterday’s impressive rally that saw VET/USD break through the resistance at $0.06 to hit a high of $0.073.
The market now looks set to test the next resistance level at $0.088, with bulls likely to attempt to hold this price point to continue the current uptrend. Should this level be breached, we could see further gains towards the $0.10 mark.
Conversely, if the market fails to hold above $0.088, it could fall back to the support level at $0.06. This would represent a significant retracement from the recent highs and could provide an opportunity for investors to enter into the market at a lower price point.
Overall, VeChain looks bullish in the short-term and is likely to see further gains in the coming days. Investors should look to buy into VET/USD at current prices to take advantage of any potential rallies.
VET/USD 4-hour chart: VET to continue higher?
We can see the VeChain price slowly rise higher on the 4-hour chart over the last 24 hours, which may lead to a break above $0.88 early next week.
VET/USD 4-hour chart. Source: TradingView
Following a large selloff at the start of the month, VeChain price action has been declining steadily for weeks. VET/USD began to move slowly again after a new swing low set below $0.1.
The price has fallen well past the $0.075 support level, which indicates a bearish market structure. VET subsequently retracted to its previous high of $0.088 after only brief consolidation and failure to move any lower.
The price fell to about $0.04 and subsequently decreased to a local low of roughly $0.08, establishing a higher local low. As a result, we believe the VeChain market price is now poised to make an advance, potentially reversing the overall bearish market structure.
VeChain Price Analysis: Conclusion
Vechain price analysis is bearish-bullish today, as we anticipate additional gains to come during the next 24 hours. Next in line for a rise is most likely VET/USD, which will seek to break through in an attempt to reach $0.088.
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