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VeChain Price Analysis: VET breaks higher, tests $0.09 for now

VeChain Price analysis

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD saw further upside broken late yesterday.
  • Another test of upside is seen this morning.

VeChain price analysis is bullish today as we expect more upside to be tested over the next 24 hours after a break higher and a brief higher low set overnight. Likely VET/USD is ready to more even higher, likely breaking the $0.09 mark next.

VeChain Price Analysis: VET breaks higher, tests $0.09 for now 1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, have seen a slight advance, with a 0.64 and 1.42 gain, respectively. Meanwhile, VeChain (VET) has seen an even better performance.

VeChain price movement in the last 24 hours: VeChain tests $0.09, briefly retraces before returning higher

VET/USD traded in a range of $0.08538 – $0.08961, indicating substantial volatility over the last 24 hours. Trading volume has increased by 22.77 percent, totaling $358.86 million, while the total market cap trades around $5.74 billion, ranking the coin in 35th place overall.

VET/USD 4-hour chart: VET to push higher today?

On the 4-hour chart, we can see the VeChain price gaining momentum so far today, likely leading to a strong higher high set.

VeChain Price Analysis: VET breaks higher, tests $0.09 for now
VET/USD 4-hour chart. Source: TradingView

VeChain price action has seen an end to the dramatic drop last week as support was found at $0.081 on the 30th of December. A day later, the support was retested, with a clear rejection again, indicating reversal will form.

Since then, VET/USD has set a higher local high around $0.088. After consolidating below the resistance for more than a day, a clear higher local low was set yesterday at $0.084.

Further push higher followed, almost reaching the $0.09 mark later in the day. After a brief retracement later, bulls regained control overnight and have since pushed the VeChain price towards new local highs.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish today as we have seen another rally begin overnight, leading towards the $0.09 mark. Likely the momentum will continue later in the day, meaning VET/USD is expected to set a strong higher high.

While waiting for VeChain to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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