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Vechain Price Analysis: VET corrects below $0.10, bulls aim to break the $0.11 barrier

Vechain Price Analysis

TL;DR Breakdown

  • VeChain price analysis is bullish for today.
  • VET/USD still holds above $0.09 support.
  • VET is likely to move higher today.

For today, the Vechain price analysis is bullish, as the $0.09 support level remains intact. As a result, we anticipate VET/USD to reverse and attempt to reclaim the nearest resistance at $0.123.

Over the past day, the market as a whole declined slightly. Bitcoin has dropped 1 percent, while Ethereum has lost 3.03 percent. Meanwhile, Cosmos (ATOM) is the most successful with a 9% increase.

VeChain price movement in the last 24 hours: VeChain retests $0.11 support again

The price of VET/USD fluctuated within a range of $0.1113 to $0.1155 in the past 24 hours, suggesting low volatility over this period. Trading volume has decreased by 25.59 percent and is worth $264 billion at present. Meanwhile, the total market capitalization is currently about $7.25 billion

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

On the 4-hour chart, the VeChain price is attempting to break back above $0.09 as bulls prepare to take control once more.

Vechain Price Analysis: VET corrects below $0.10, bulls aim to break the $0.11 barrier 1

VET/USD 4-hour chart. Source: TradingView

So far this month, the VeChain price has been extremely volatile. After several days of strengthening momentum, the market price surged to $0.155, only to drop on September 7th.

VET/USD quickly dropped more than 30% until it finally stabilized at the $0.11 level. VET moved in the $0.11-$0.123 price range over the following week, with several attempts at both support and resistance, before settling back around the $0.12 mark.

Overall, this price action development suggests that we will see further consolidation. Given the current retest of the support, the VeChain price should rise over the next 24 hours and test the upper limit of trading range.

VeChain Price Analysis: Conclusion 

The VET/USD pair is enjoying a bullish run today as the market retested support at $0.11 and appears poised to reverse higher. As a result, we anticipate VET/USD to move towards the $0.123 resistance in the coming days.

While waiting for VeChain to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

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