- VET broke below $0.15 support overnight.
- Support currently at $0.10.
- Resistance at $0.12 currently tested.
Today’s Vechain price prediction is bullish as the market spiked lower overnight and rejected further downside as soon as the $0.10 mark was reached. Therefore, we expect VET/USD to retrace some of the loss later today and potentially retest the $0.15 support as a resistance.
The overall market trades with huge loss over the last 24 hours. Bitcoin has dropped by 12 percent, while Ethereum has dropped 20 percent. The rest of the altcoin market follows this bearish pattern with various results.
VET/USD opened at $0.16185 today after a consolidation around the $0.16 mark yesterday. Overnight the VeChain price dropped almost 40 percent until further downside was rejected at the $0.1 mark. Therefore, we expect bulls to regain momentum and retrace some of the loss over the next 24 hours.
Vechain price movement in the last 24 hours
The VET/USD price moved in a range of $0.1124 – $0.1697, indicating huge volatility over the last 24 hours. Trading volume has increased by almost 20 percent, totaling $2 billion. Meanwhile, the total market cap stands at $7.6 billion, ranking the cryptocurrency in 20th place overall.
VET/USD 4-hour chart – VET moves lower overnight
On the 4-hour chart, we can see VET/USD spiking to the $0.1 mark over the past hours, with further downside rejected at the $0.1 mark.
The overall market price action has retraced by 65 percent since the all-time high at $0.28 was set on the 16th of May. Therefore, a lot of the gain seen over the past months has been retraced, and the market could reverse over the upcoming weeks back to the upside.
The retracement can be split into two parts, one at the end of April and the other during the middle of May, indicating a classic ABC retracement pattern. This is a good indication that the several-week bearish momentum has ended. Once VET/USD establishes a higher low above the $0.10 mark, we can expect further upside over the next weeks.
Currently, the VeChain price trades around the $0.12 mark after rejecting further downside around the $0.10 mark. This rejection should lead towards further upside over the next 24 hours as bulls look to test the $0.15 mark as a resistance. From there, we are likely to see another push lower to establish a higher low.
Vechain Price Prediction: Conclusion
Vechain price prediction is bullish as the overnight bearish momentum has ended above the $1 mark as bulls quickly pushed the market above $0.12. Therefore, we expect VET/USD to move even higher later today to retest the previous support at $0.15 as resistance.
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