- VET established a higher low at $0.07 yesterday.
- VET/USD resisted around $0.12 overnight.
- VeChain prepares to move lower again.
Today’s VeChain price prediction is bearish as the market failed to move above the $0.12 mark overnight and currently starts to build a base from which to move lower later today. Therefore, we expect further downside over the next 24 hours.
The overall market trades in the green today, despite Bitcoin remaining relatively flat. Ethereum is up by almost 7 percent, with Matic Network (MATIC) being among the best performers with a gain of almost 20 percent.
VET/USD opened at $0.112 today after closing strong yesterday. Further upside could not be made overnight after the $0.12 mark was reached. Therefore, the market should move lower over the next 24 hours towards the $0.06 support area to set another higher low.
VeChain price movement in the last 24 hours
The VET/USD price moved in a range of $0.1045 – $0.1202, indicating a good amount of volatility. 24-hour trading volume has dropped by 17.35 percent and totals $1.565 billion. The total market cap trades around $7 billion, ranking the cryptocurrency in 20th place overall.
VET/USD 4-hour chart
On the 4-hour chart, we can see the VeChain price preparing to move lower once again as further upside could not be established.
The overall market still trades in a very strong bearish momentum over the past few days. After setting a new all-time high at $0.28, the market retraced by more than 80 percent until support was found at the $0.05 mark.
From there, a quick spike higher to the $0.14 mark was set last week as bulls looked to regain some of the momentum. However, bears quickly took over the price action development over the weekend, resulting in another push to the $0.06 support.
This time a higher low was set, indicating that we could see the overall VeChain price action momentum shift later this week. First, VET/USD needs to establish another higher low and break above the $0.12 resistance. Once it is done, the market will move higher over the upcoming weeks.
VeChain Price Prediction: Conclusion
VeChain price prediction is bearish as the market established a base below the $0.12 resistance overnight. Therefore, we expect VET/USD to move lower over the next 24 hours and attempt to set another lower low.
While waiting for further VeChain price action development, read our guides on several other major altcoins – Zcash, Litecoin, and Ethereum.
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.