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.

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.

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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