VeChain Price Analysis: VET sets higher low at $0.08, ready to break higher?

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TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD set a higher high at $0.08.
  • Closest resistance at $0.088.

VeChain price analysis is bullish today as we expect more upside to follow after a steady advance yesterday. Likely, bulls are ready to attempt to break a higher high above the $0.088 mark next week.

VeChain Price Analysis: VET sets higher low at $0.08, ready to break higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, trades with a 1.11 percent gain, while Ethereum remains flat with a small loss of 0.03 percent. Meanwhile, VeChain (VET) trades with almost a 1 percent gain.

VeChain price movement in the last 24 hours: VeChain slowly moves higher, targets $0.088 next?

VET/USD traded in a range of $0.08184 – $0.0849, indicating low volatility over the last 24 hours. Trading volume has declined by 21.86 percent, totaling $230.8 billion, while the total market capitalization trades around $5.33 billion, ranking the coin in 31st place overall.

VET/USD 4-hour chart: VET to continue higher?

On the 4-hour chart, we can see the VeChain price slowly advancing higher over the last 24 hours, likely leading to a break above $0.88 early next week.

VeChain Price Analysis: VET sets higher low at $0.08, ready to break higher?
VET/USD 4-hour chart. Source: TradingView

VeChain price action has seen a steady decline over the past weeks after a reaction from the massive selloff seen at the beginning of the month. After a new swing low was set below $0.1, VET/USD started to slowly trade lower again.

The current low at $0.075 was reached on Monday, indicating a bearish market structure. After brief consolidation and a failure to move any lower, VET saw quick retracement to the previous high at $0.088.

However, the following move lower, bottomed out around $0.08, setting a higher local low. Therefore, we assume the VeChain price action is now ready to attempt a break higher, which could potentially reverse the overall bearish market structure.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish bullish today as we expect more upside to follow over the next 24 hours. Likely VET/USD will move towards the $0.088 previous high next in an attempt to break higher.

While waiting for VeChain to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.