VeChain Price Analysis: VET breaks $0.144 previous swing high, retracement to follow?

VeChain price analysis indicates bearish momentum to follow later today as bulls are exhausted after setting a new higher high at $0.144. Therefore, VET/USD is expected to retrace and set another higher low before further upside is seen in his month.

VeChain Price Analysis: VET breaks $0.144 previous swing high, retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green, with Bitcoin leading the way to gain 2.31 percent over the last 24 hours. Ethereum has gained 0.86 percent, while Dogecoin (DOGE) is the best performer, with a gain of 6.25 percent.

VeChain price movement in the last 24 hours: VeChain rallies above $0.144 previous high

VET/USD traded in a range of $0.1345 – $0.1481, indicating strong volatility over the last 24 hours. Trading volume has increased by 1.62 percent and totals $1.193 billion, while the total market cap trades around $9.36 billion, ranking the coin in 20th place overall.

VET/USD 4-hour chart: VET targets $0.15 next?

On the 4-hour chart, we can see the VeChain price struggling to reach further highs, indicating an upcoming retracement.

VeChain Price Analysis: VET breaks $0.144 previous swing high, a retracement to follow?
VET/USD 4-hour chart. Source: TradingView

VeChain price action has struggled to move above the $0.144 previous swing high set on the 16th of August. After a sharp reversal to the $0.115 mark, VET/USD rallied and set a clear lower high around $0.138 on the 20th of August.

From the lower high, VET retraced and retested the $0.115 support. What followed was a quick spike to $0.128 and another slow retracement that resulted in a slightly higher low.

From the newly formed low,. The VeChain price started to rapidly advance Yesterday and quickly broke past both the $0.128 and $0.138 previous highs, indicating bulls are returning to the market. 

This price action development increased overnight, with the $0.144 previous high resistance finally broken earlier today. However, bulls are exhausted as of now, likely leading to a retracement over the following days as a new higher low is formed before further upside can be set.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish for today as the market starts to reject further upside after rallying above the $0.144 previous high. Therefore, we expect VET/USD to reverse later today and retrace towards establishing a higher low this week. 

While waiting for VeChain to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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