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VeChain Price Analysis: VET consolidates around $0.13, set to break higher?

Cryptopolitan


TL;DR Breakdown

  • VeChain price analysis is bullish for today.
  • VET/USD consolidates in an increasingly tighter range.
  • VET is ready to spike to $0.15.

VeChain price analysis is bullish for today as the market has established another higher low yesterday and currently build momentum for a spike above the $0.14 mark. Therefore, we expect VET/USD to rally to the next resistance at $0.15 later this week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. Bitcoin is up by almost 4 percent, while Ethereum is up by 6.1 percent. VeChain (VET) is among the best performers, with a gain of 5 percent.

VeChain price movement in the last 24 hours: VeChain sets another higher low

VET/USD traded in a range of $0.1238 – $0.1348, indicating a moderate amount of volatility over the last 24 hours. Trading volume totals $969.5 billion, which is up by 20 percent from yesterday. Meanwhile, the total market capitalization trades around $8.62 billion, ranking the cryptocurrency in 22nd place overall.

VET/USD 4-hour chart: VET targets the $0.15 mark next?

On the 4-hour chart, we can see bulls pushing the VeChain price higher once again after another higher low set yesterday around $0.125.

VeChain Price Analysis: VET consolidates around $0.13, set to break higher?
VET/USD 4-hour chart. Source: TradingView

VeChain price action has rallied by more than 150 percent from the previous swing low around $0.056, set on the 20th of July. Last week, VET/USD approached the previous swing high around $0.14-$0.15, where resistance was met.

This resulted in a sharp retracement to the $0.115 mark, where another higher low was set. On Friday, VET recovered most of the loss while setting a slightly lower high, meaning that the market is trading in an increasingly tighter range.

However, as long as VeChain price action sets higher lows, we expect further upside to come later this week. The next target, around $0.15, is likely to be reached later this week as bulls continue pushing VET towards the previous all-time high.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish as another higher low was set yesterday after a slight decline over the weekend. Since bulls regained control overnight, we expect VET/USD to reach further upside later today and reach the $0.15 mark later this week.

While waiting for VeChain to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

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.



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