- Vechain price analysis is bullish today.
- VET/USD retraced to $0.09 overnight.
- Closest resistance at $0.10 previous high.
Vechain price analysis is bullish today as we expect another attempt to break above $0.10 to follow over the next 24 hours after a higher low was set at $0.09 overnight. Therefore, VET/USD could see the next major resistance around $0.11 reached by the end of the week,
The cryptocurrency market has seen mixed results over the last 24 hours, with the market leader, Bitcoin, down by 1.49 percent. Meanwhile, Ethereum is in the green with a gain of 1.3 percent, while VeChain trades with a loss of over 1 percent.
Vechain price movement in the last 24 hours: Vechain fails to break $0.10, retraces to set a higher low at $0.09.
VET/USD traded in a range of $0.08843 – $0.09601, indicating mild volatility over the last 24 hours. Trading volume has increased by 3.42 percent, totaling $456.2 billion. Meanwhile, the total market cap trades around $6 billion, ranking the coin in 29th place overall.
VET/USD 4-hour chart: VET to test $0.10 resistance again?
On the 4-hour chart, we can see bulls slowly regaining control over the VeChain price, likely leading to another test of upside later this week.
VeChain price has seen a steady decrease over the past weeks until a strong spike lower was seen on Friday. VET/USD bottomed out at $0.07, setting a strong lower low before regaining some of the loss with a reaction to $0.10.
From there, the follow-up push lower led to a higher low at $0.08, indicating that bulls are slowly looking to reverse the market structure. On Monday, bulls pushed VET back below $0.10 resistance with a slightly lower high set.
Therefore, the overall VeChain price structure is trading in consolidation as of now. However, considering how far the market previously declined, we expect VET/USD to break higher and continue retracing the previous downswing.
Vechain Price Analysis: Conclusion
Vechain price analysis is bullish today as we saw retracement to $0.09 overnight turn into consolidation today. Likely VET/USD is now ready to attempt to break higher, with the next major resistance at $0.11.