TL;DR Breakdown
- 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
The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.87 percent. Ethereum gained 5.33 percent, becoming the top performer on the daily chart.
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.
While waiting for VeChain to move further, read our guides on Best NFT marketplaces, NFT history, and development, as well as NFT Music.
