TL;DR Breakdown
- VET retraced to the $0.10 mark yesterday.
- VET/USD still bearish over the past week.
- Next target at $0.155.
Today’s VeChain price prediction is bullish as the market retraced overnight and found support at the $0.10 mark. Therefore, we expect VET/USD to move higher over the next 24 hours and reach the next resistance target at $0.155.
The overall market trades with a substantial loss over the last 24 hours. Bitcoin has lost 6 percent, while Etyhereum 7.4 percent. The rest of the market follows this pattern of bearishness.
VET/USD opened at $0.108 after a bearish close yesterday. Currently, VET/USD retests the $0.10 support, which if holds should lead towards more upside later today. Alternatively, if VET/USD breaks below $0.10, we expect further downside over the next 24 hours with the next support located at $0.07.
VeChain price movement in the last 24 hours
The VET/USD price moved in a range of $0.09849 – $0.1147, indicating mild volatility over the last 24 hours. Trading volume has decreased by 24.72 percent and totals $947.8 billion. The total market cap trades at $6.4 billion, ranking the cryptocurrency in 21st place overall.
VET/USD 4-hour chart – VET tests $0.10
On the 4-hour chart, we can see the VeChain price attempting to move below $0.10, which could lead to further downside later today.
The overall market trades with a bearish price action structure over the past 24 hours. VeChain price has lost around 80 percent from the previous major swing high of around $0.25. Therefore, bears are likely exhausted and we should see VET/USD reverse in a major way over the next week.
However, the VeChain price action first has to set a new higher high above the $0.14 mark. The first steps towards a higher high are already in place as the $0.14 previous swing high was retested on Wednesday.
From there VET/USD started to retrace and reached the $0.10 mark over the past hours. As long as the $0.10 mark holds, we can expect VET/USD to move higher today.
The first target is located at the $0.155 mark, which if broken, will create a very bullish VeChain price action structure, and likely lead towards further upside next week.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the market has found support around the $0.10 mark and currently rejects further downside. Therefore, as long as the $0.10 level is not broken, we expect the market to set a higher low and start moving towards the next price target at $0.155.
While waiting for further VeChain price action development, read out the latest guides on how to buy Cardano, mine Zcash, and Litecoin mining software.
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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Source: https://www.cryptopolitan.com/vechain-price-analysis-2021-05-29/
