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Vechain price prediction: Vechain fails to reach $0.27 resistance, set to move lower today

Vechain Price Prediction

TL;DR Breakdown

  • VET peaks at $0.265. 
  • Some support is seen around $0.21.
  • Additional support provided by an ascending trend line.

Today’s Vechain price prediction is bearish as the market failed to move past the $0.27 mark again. Therefore, we expect another push lower over the next 24 hours, with the closest support located around $0.22 as an ascending support trendline is currently seen around this price area.

Vechain price prediction: Vechain fails to reach $0.27 resistance, set to move lower today 1
Cryptocurrency heat map. Source: Coin360

The crypto market is still in the red over the last 24 hours. Bitcoin trades with a 3 percent loss as it has moved past the $55,000 mark. Meanwhile, Ethereum is up 2 percent, with bearish sentiment over the past hours taking over. Binance Coin is one of the rare coins that has posted good growth and is up by around 6 percent.

Vechain price prediction: Vechain fails to reach $0.27 resistance, set to move lower today 

VET/USD opened at $0.25 after a bullish close Yesterday. Since VET/USD failed to set a higher high above the $0.27 mark, we can assume that another retracement will be seen later today. First support is seen at the several day ascending trendline. From there, the next horizontal support is located at the current highest low, around $0.21. 

Vechain price movement in the last 24 hours

The VET/USD price moved in a range of $0.2296 – $0.2656, indicating mild volatility. 24 hour trading volume has decreased by 27.69 percent and totals $2.57 billion. The total market cap stands at 14.8 billion, ranking the cryptocurrency in 13th place overall.

VET/USD 4-hour chart – VET moves to retest ascending trendline of support

On the 4-hour chart, we can see VET/USD rejecting further upside and posting a pin bar candle. Since then, Vechain price action has moved lower as it looks to set another higher low.

Vechain price prediction: Vechain fails to reach $0.27 resistance, set to move lower today
VET/USD 4-hour chart. Source: TradingView

Overall, Vechain has performed great over the past week. After establishing strong support of around $0.085, the market rallied more than 200 percent until a new all-time high was set at the $0.28 mark on the 17th of April. 

From there, Vechain retraced and spiked to the $0.17 mark on Sunday, establishing another higher low. Over the following days, Vechain price started to trade in an increasingly tighter range with lower highs and higher lows. Therefore, we expect the market to retest the ascending support trendline over the next hours and set another higher low. 

Until either a lower low or higher high is set, the overall several-day trend remains neutral. However, over the next hours, we expect further downside. If the current low at $0.21 is broken, LINk should start a much more severe several-day retracement towards the previous support level. 

On the other hand, if VET manages to finally break above the $0.27 mark, we should see the several-week bullish momentum continue further next month. Therefore, for now, it is best to wait for further Vechain price action development.to break above the $0.27 mark finally

Vechain Price Prediction: Conclusion 

Vechain price prediction is bearish as the market failed to move higher overnight and currently looks to set another swing low. If the ascending support trendline is not broken, we should see VET trading in an increasingly tighter range until breakout to either side is seen later this week.

While waiting for further Vechain price action development, read our ETH Gas price guide. To learn more about other popular cryptocurrencies, see our long-term price predictions on Stellar and Polkadot

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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