- Vechain opened the daily trading chart at $0.1102
- More buyers will flip the downtrend towards $0.152
- At the time of writing, VET/USD is trading above the 23.6% FIB retracement level
VET/USD Price Analysis: General price overview
Vechain opened the daily trading chart at $0.1102 after undergoing a bearish trendline by yesterday’s close. Today’s open during the early trading hours was a bit of an uptrend until the bulls got rejected at $0.118, only to drop and break out below the lower line of the descending triangle to $0.110. Presently, the VET/USD trading pair is resting within a major inflection point, a complex price zone for bulls to overcome given a well-defined resistance that lies within a bearish cross-over of two significant moving averages. The moving averages have already marked a death cross on the 24-hour trading chart for Vechain and the only savior is the entry of surplus buyers. More buyers will flip the downtrend towards $0.152 and renew a bullish momentum. Above this point, VET will have overcame resistance at $0.14 and test a higher high within the next few days.
VET bears had already pulled the price to an intraday low of $0.105 on the 4-hour chart. The entry of dip investors pushed the price towards an ascending channel along with a rising wedge, but their effort was cut short by strong selling pressure at $0.112. At the time of writing, VET/USD is trading above the 23.6% FIB retracement level, with the 25-day moving average slightly below the current price zone.
VET/USD price movement in the last 24-hours
The VET/USD trading pair started the daily chart at an opening price of $0.1134. The coin was trading at a bullish trendline in the early trading hours before undergoing a descending channel which saw its bottom at an intraday low of $0.1053. On the daily chart, the highest price was $0.1184. The range between the intraday low and the intraday high is narrow, suggesting moderate volatility across today’s price action.
VET will require support from the broader market so as to beat the prevailing bearish momentum that started back on May 23rd after the altcoin bottomed at a higher low of $0.14. This resulted in a build-up of psychological resistance at $0.15.
VET/USD 1-hour price chart
At the time of writing, Vechain (VET) is trading at $0.1123 against the US dollar. Buyers are aiming for the overhead resistance, above which they can also retrace above the 23.6% FIB extension level. If they can consolidate enough strength, we can anticipate the altcoin to gain more momentum and break into new highs within the next 24-hours.
The general view of the current Vechain market is bearish, which seems to be in sync with Bitcoin’s downward correction to $33K. We can only hope for buyers to reverse the downward momentum and move against resistance $0.14. This will raise optimism in the broader market, and build more strength for the next price rally to $0.200.