- VET moved lower yesterday.
- VeChain continues trading in a bearish momentum today.
- Next target is around $0.06.
VeChain price analysis is bearish for the next 24 hours as bears have pushed VET away from the previous minor support of around $0.07. Therefore, we expect VET/USD to reach the $0.06 support next as massive rejection for further downside was seen around the price area on the 22nd of June.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 0.5 percent, while Ethereum is around 0.7 percent. The rest of the top altcoins have seen a loss of around 2-4 percent.
VeChain price movement in the last 24 hours: VeChain moves away from $0.07
VET/USD traded in a range of $0.06374 – $0.06885, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 10.8 percent and totals $389 billion, while total market capitalization trades around $.2 billion, ranking the cryptocurrency in 23rd place overall.
VET/USD 4-hour chart: VET targets $0.06 next
On the 4-hour chart, we can see the VeChain price continuing to decline after a break below $0.07 earlier this week, indicating further downside to follow later today.
VeChain price action continues to decline over the past week after a medium-term lower high was established around $0.095 on the 29th of July. This rally came after a rapid spike lower at the end of June, with a $0.06 price mark stopping further downside.
Over the past week, we can see VET/USD targeting the $0.06 support once again, with a steady decline along the 50 period moving average red line. On Thursday, VET/USD broke below the $0.07 support, and bears continued to push the market lower since then.
VeChain price action trades in between the $0.07 previous support turned resistance and the $0.06. As long as a sharp reversal is not seen, we expect VET/USD to reach the previous major support of around $0.06 over the next 24 hours.
VeChain Price Analysis: Conclusion
VeChain price analysis is bearish for the next 24 hours as bears continue pushing the market towards the next support around $0.06. Once the support is reached, we could see VET/USD reverse and retrace some of the loss seen over the past week.
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