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VeChain Price Analysis: VET continues to decline, set to retest $0.115 again?

Cryptopolitan


TL;DR Breakdown

  • VeChain price analysis is bearish for today.
  • VET/USD continued to decline over the past 24 hours.
  • VeChain targets the $0.115 support next.

VeChain price analysis is bearish for today as the market continued to move lower over the last 24 hours after setting a slightly lower high. Therefore, we expect VET/USD to retest the $0.115 mark again later today.

Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin is down by 1.21 percent, while Ethereum has lost 0.16 percent. Meanwhile, Solana (SOL) is the best performer, with a gain of over 11 percent.

VeChain price movement in the last 24 hours: VeChain continued to decline

VET/USD traded in a range of $0.117 – $0.1258, indicating low volatility price action over the last 24 hours. Trading volume has increased by 3.36 percent and totals $679.7 billion, while the total market capitalization trades around $7.63 billion, ranking the coin in 22nd place overall.

VET/USD 4-hour chart: VET looks to retest the $0.115 support for the third time?

On the 4-hour chart, we can see the VeChain price continuing to move towards $0.115 after a failure to set a higher high.

VeChain Price Analysis: VET continues to decline, set to retest $0.115 again?
VET/USD 4-hour chart. Source: TradingView

The VeChain price action has seen a strong advance over the past month. From the $0.056 low, VET/USD gained more than 150 percent to the $0.144 high, set on the 16th of August.

However, from there, VET lacked momentum and a sharp retracement to the $0.115 mark was seen over the following days. What followed was another attempt to move higher, with a lower high set this time.

This price action development resulted in another move to the $0.115 support, indicating that the VeChain price is trading in an increasingly tighter range over the last week. After some further upside yesterday, VET reversed once again and set a lower low. Since then, VET/USD has continued to decline as bears want to retest the $0.115 support for the third time.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish for today as the market continued to decline over the last 24 hours after setting a lower high yesterday. Therefore, we expect VET/USD to reach the $0.115 support next and retest it for the third time.

While waiting for VeChain to move further, read our articles on Wrapped Bitcoin, 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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