- VeChain price analysis is bearish today.
- VET/USD spiked back to $0.123 major resistance.
- Bullish momentum has slowed down over the past hours.
The VeChain price is bearish today, as the $0.123 major barrier was reached following a strong rally over the previous 24 hours. As a result, VET/USD bulls are likely to be pushed into exhaustion and will require a retreat.
Cryptocurrency heat map. Source: Coin360
VeChain price movement in the last 24 hours: VeChain spikes back to $0.123
After reaching as low as $0.0822 earlier today, VET/USD fluctuated in a range of $0.11505 to $0.11955, revealing significant volatility over the last 24 hours. Trading volume has increased by 73.5 percent and totals $762.68 billion, placing the coin in 24th place among all
VET/USD 4-hour chart: VET to retrace next?
On the 4-hour chart, we may observe that the VeChain price has slowed down since breaching $0.123, suggesting a possible turnaround.
VET/USD 4-hour chart. Source: TradingView
On October 2, the VeChain price started out strongly. On October 1, a sharp increase from the previous major swing high of $0 on September 19th was seen, pushing the price to a new high of $0.116.
The cryptocurrency’s price rose from $0.005 to $0.020 in a few hours, and the market endured the last bearish move for three days before establishing another peak at $0.123 on October 9th. Following this, a retracement of around 18% occurred.
On Tuesday, the downside was rejected, bringing VET/USD back to the upside after a few consolidation periods. Since then, the VeChain price has advanced with a powerful surge higher as it approaches the $0.123 key swing high.
VeChain Price Analysis: Conclusion
A bearish Vechain price forecast for the next 24 hours is in place, as bullish momentum has run out after a strong surge back to $0.123 over the previous 24 hours. As a result, we anticipate VET/USD to retreat some of its gains and attempt to establish a higher low.