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VeChain Price Analysis: VET breaks below $0.10 mark, prepares for another push lower?

Analytics

www.cryptopolitan.com 07 December 2021 04:47, UTC
  
Reading time: ~2 m

  • VeChain price analysis indicates bearish momentum to follow.
  • VET/USD set slightly lower at $0.12 yesterday.
  • A strong spike lower took VET to $0.09 today.

VET/USD is in a free fall right now, and we expect another drop once the present surge above $0.13 comes to an end. VET/USD has already experienced some selling pressure, which may lead to additional losses over the next 24 hours.

VeChain Price Analysis: VET breaks below $0.10 mark, prepares for another push lower? 1
Cryptocurrency heat map. Source: Coin360

Updates from the daily Coin360 heatmap shows the entire cryptocurrency market is trading in the green zone. Bitcoin and Ethereum have gained 3.61 and 4.23 percent respectively. Avalanche and Binance Coin are the best gainers with a 24-hour positive change of 9.71 and 7.67 percent respectively. 

VeChain price movement in the last 24 hours: VeChain sets lower low at $0.09226, spikes higher

VET/USD stayed in a range of $0.09226 to $0.09552 throughout this 24-hour time period, suggesting little  volatility over the previous 24 hours. Volumes have risen by 14.11 percent, totaling $215,911,000.

VET/USD 4-hour chart: VET spikes below $0.10000

On the 4-hour chart, we can observe VeChain price rapid advancement over the past hours, possibly resulting in another lower high set in the next hours.

VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower?

VET/USD 4-hour chart. Source: TradingView

Vechain’s price is continuing to fall this week. After approaching $0.185 on the 9th of November, VET/USD has fallen rapidly over the following days, dropping to $0.15 on the 15th of November.

On November 15th, bulls drove VET above $0.175 in a matter of hours, restoring some of the losses. However, bears reclaimed control the following week, pushing VET to a new low near $0.123.

The VeChain price slowed its decline after last week, when another clear lower high was established at $0.14 and a further plunge began over the weekend. The VeChain price momentum has been consistently bearish since then, with yesterday’s previous low revisited.

A quick pause at $0.11 occurred, before the pair quickly recovered during the overnight session. VET/USD has now risen to $0.13, where another high should be established by the end of the day.

VeChain Price Analysis: Conclusion 

The VET price is bearish today, and we anticipate more downside to follow after the current surge higher. We expect a new low for VET/USD to be established around the current price levels in the following 24 hours, resulting in even more losses over that time period.

While waiting for VeChain to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.


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