TL;DR Breakdown
- VeChain price analysis is bullish.
- VET/USD retested swing low this morning.
- Buying pressure has returned over the past hours.
VeChain price analysis is bullish today as we expect a new swing low to be set at $0.135 after a strong decline yesterday. Therefore, VET/USD is ready to retrace and regain some of the loss later this week.
The overall market continued to trade in a bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 1.56 percent, while Ethereum has lost 2.62 percent. Meanwhile, Avalanche dominates the market with a gain of over 12 percent.
VeChain price movement in the last 24 hours: VeChain drops to previous low, rejects further downside again
VET/USD traded in a range of $0.1393 – $0.1536, indicating strong volatility over the last 24 hours. Trading volume has declined by 21.97 percent and totals $910 million, while the total market cap trades around $9.33 billion, ranking the coin in 23rd place overall.
VET/USD 4-hour chart: VET set to return above $0.15
On the 4-hour chart, we can see bullish momentum returning over the past hours, likely leading the Vechain price higher later today.
VeChain price action has seen steady growth at the beginning of November, leading to a strong higher high set at $0.1875 on the 9th of November. However, from there, VET/USD saw a strong reversal, leading to a spike lower to $0.15 on the 10th of November.
After some consolidation over the weekend, another push higher was seen on Monday. A lower high was set around $0.177 before another strong move lower began.
VeChain price lost around 23 percent from the newly set high until support was found at $0.135 yesterday. After a brief recovery, another attempt to move lower followed overnight, leading to a slightly higher low set. VET/USD is now ready to move higher, with the closest resistance at $0.15.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish today as we saw the $0.135 mark hold again, reversing the market. Therefore, we expect VET/USD to move towards the closest resistance at $0.15 next.
While waiting for VeChain to move further, read our guides on eToro vs Coinbase, How to mine VeChain Classic, and VeChain vs Cardano.
