TL;DR Breakdown
- VET found resistance at the $0.14 mark yesterday.
- VET/USD declined overnight.
- Closest support at $0.10.
Today’s VeChain price prediction is bullish as the market has retraced overnight and found support at the $0.10 mark. Therefore, we expect VET/USD to move higher over the weekend to try to break the next resistance at $0.155.
The overall market trades with a strong bearish momentum over the last 24 hours. Bitcoin has decreased by 7.75 percent, while Ethereum 10 percent. VeChain continues to be among the worst performers with a loss of almost 16 percent.
VET/USD opened at $0.123 after a bearish close yesterday and a retest of $0.14 resistance. Earlier today, the VeChain p[rice started to move lower and reached the $0.10 support. Therefore, we should see a reversal to the upside later today, with the market attempting to break above the $0.155 mark over the weekend.
VeChain price movement in the last 24 hours
The VET/USD price moved in a range of $0.1036 – $0.1337, indicating a moderate amount of volatility for the cryptocurrency. The trading volume over the last 24 hours has decreased by 24.8 percent and totals $1.1 billion. The total market cap stands at $6.94 billion, resulting in a market rank of 21st place.
VET/USD 4-hour chart – VET spikes to $0.10
On the 4-hour chart, we can see the market moving lower over the last 24 hours to retest the previous support at $0.10.
The overall market continues to trade with a bearish price structure over the past weeks. From the previous major swing lower low at $0.25, the market retraced 80 percent until support was found at the $0.05 mark on the 19th of May.
After some initial rejection for further downside, the VeChain price found resistance at the $0.14 mark. From there, VET/USD retraced lower again and set a major swing higher low at $0.07. Several days later VET retraced back to $0.14, indicating that bulls are slowly building momentum to reverse the overall several-week bearish price action back to the upside.
Therefore, the current retracement to the $0.10 mark should lead towards another push higher over the next 24 hours. The next target to break is seen at $0.155, which if reached would mean a strong higher high set.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the mark has established support above $0.10 over the past hours and currently looks to move higher once again. Therefore, we expect VET/USD to attempt to break the next resistance at $0.155 over the next 24 hours.
While waiting for further VeChain price action development, read our latest guide on several other top cryptocurrencies – ZCash, Litecoin and, Cardano.
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-2021-05-28/
