VeChain Price Analysis: VET sets daily high at $0.1239, now gradually retraces?

TL;DR Breakdown

• Today’s VeChain price analysis is indicating a bear market on the daily 24-hour 
• VET/USD daily trading range starts from an intraday low of $0.1191 – $0.1239.
• VeChain began a bullish uptrend at the close of July,

Today’s VeChain price analysis is indicating a bear market on the daily 24-hour candlesticks after the price undertook a gradual breakout and suddenly retraced back to $0.1150. 

The general cryptocurrency market is trading on neutral ground. Some altcoins are gaining, others are losing. Market leader BTC declined by 1.56 percent while ETH improved by 6 percent. The best perfomer on the charts is Polkadot with a 15 percent increase. 

VeChain price movement in the last 24 hours: VeChain spikes to $0.125

The 24-hour VeChain price analysis has recorded that the VET/USD daily trading range starts from an intraday low of $0.1191 – $0.1239. Such a broad range shows an increase in volatility over the last 24 hours. VeChain witnessed a 1.79 percent surge in trading volumes and sums $791 million. During press time, VeChain is ranked at position #22 with a sum market capitalization of $7.7 billion. 

VET/USD 4-hour chart: VET set to retrace overnight?

The 4-hour candlesticks on our VeChain price analysis managed to stage an uptrend that got rejected at $0.1231, which might have led the price towards a new daily high at $0.1240. 

VeChain began a bullish uptrend at the close of July, which extended into the final days of August. In fact, the coin has undergone a bullish rally of up to 160 percent in the last 2-months when it first broke out of the $0.056 support On July 20. Unfortunately, the bulls seem exhausted with the heightening number of sellers as the rally picked higher lows. 

As a result, the supply chain token retraced to the $0.1150 support and built a downside at this mark. The support would later be retested once more and for the subsequent time, indicate a tight price range for the VET/USD pair. Meanwhile, the last weekend also had the supply chain token record the third high before the bears took control and pulled the price back. 

VeChain Price Analysis: Conclusion 

The daily VeChain price analysis is suggesting the chances of a bearish movement in the next 24-hours which could overturn the quick morning spike to the $0.1239 daily high. Anticipate a downward correction in the upcoming hours that might see the coin hit a daily low of $0.1150.

In the meantime, check out some of our articles on Bitcoin investments, crypto wallets and cryptocurrency scams. 

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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