VeChain Price Analysis: VET retraces to $0.125, set to reach further highs?

TL;DR Breakdown

• VeChain price analysis is bullish for today.
• VET/USD retraced yesterday with support found around $0.125.
• VET prepares for another rally. 

VeChain price analysis is bullish for today as the market retraced over the past 24 hours and established another higher low, around $0.125. Therefore, we expect VET/USD to start moving higher later today and reach the next resistance around the $0.15 mark.

The cryptocurrency market traded in the red over the last 24 hours as bearish momentum took over yesterday. Market leader, Bitcoin is down by 2.27 percent, while Ethereum is down by 2.46 percent. Solana (SOL) is still among the best performers, with a gain of over 19 percent.

VeChain price movement in the last 24 hours: VeChain retraces to set another higher low

VET/USD traded in a range of $0.1239 – $0.1442, indicating mild volatility over the last 24 hours. Trading volume has increased by 7.39 percent and totals $1.32 billion, while the total market capitalization trades around $8.38 billion, ranking the cryptocurrency in 22nd place overall.

VET/USD 4-hour chart: VET ready to rally again?

On the 4-hour chart, we can see the VeChain price rejecting further downside overnight after a strong retracement yesterday, indicating an upcoming rally.

VeChain price action has seen an increase of over 150 percent over the past month. After a new major swing low was set around $0.56, VET/USD started to rally and broke past the previous swing high around $0.095.

What followed was a further rally towards the next major resistance level around $0.14-$0.15. Early yesterday, VET reached the $0.14 mark after another several-day upswing. However, bulls were exhausted, and a retracement was seen over the last 24 hours. 

Support was eventually found around $0.125, where the 100-hour moving average blue line was seen at the time. Since the VeChain price made a spike lower and reversed, we can expect a new higher low set, which should lead VET/USD towards further upside later this week. The next target to look out for is the $0.15 mark, and if reached from the current price, it would mean a gain of around 13 percent.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish for today as the market prepares for another rally higher after finding support around the $0.125 mark overnight. Therefore, we expect VET/USD to rally higher later today and target the $0.15 resistance next. 

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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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