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VeChain Price Analysis: VET still holds below $0.123 resistance, breakout to follow?

VeChain Price analysis

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD continues testing $0.123 resistance.
  • Next minor resistance at $0.128.

VeChain price analysis is bullish today as the market continues to test the $0.123 resistance today after a slight retracement. Therefore, we expect VET/USD to break higher later today and likely see some reaction at $0.128.

VeChain Price Analysis: VET still holds below $0.123 resistance, breakout to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.2 and 4.12 percent. Meanwhile, Polkadot (DOT) is among the best performers, with a gain of almost 8 percent.

VeChain price movement in the last 24 hours: VeChain tests  $0.123  for the third time

VET/USD traded in a range of $0.1133 – $0.1248, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 10.93 percent and totals $575.9 billion, while the total market cap trades around $7.85 billion, ranking the coin in 24th place overall.

VET/USD 4-hour chart: VET to break $0.123 today?

On the 4-hour chart, we can see bulls testing the $0.123 resistance again, likely leading to a breakout later today.

VeChain Price Analysis: VET still holds below $0.123 resistance, breakout to follow?
VET/USD 4-hour chart. Source: TradingView

VeChain price action has seen a strong move higher at the start of October as a rapid move higher took VET above $0.11. However, since then, VET/USD has traded sideways, with a new local high established around $0.123 on the 10th of October.

Volatility has increased over the past week as a strong move lower to $0.1 was seen on Monday. During the middle of the week, VET/USD regained the loss and moved back to $0.123 resistance, indicating that the market still looks to move higher.

After a higher low was set early yesterday, VeChain price action briefly spiked above $0.123, indicating that bulls are still in control. This VeChain price action development has led to the current test of the $0.123 for the third time this week. Likely we will see VeChain break high today, with the next resistance at $0.128 being today’s target.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish today as another attempt to move higher can currently be seen after a brief move above $0.123 yesterday. Therefore, we expect VET/USD to reach further upside over the next 24 hours.

While waiting for VeChain to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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