Back to the list

Vechain Price Analysis: VET/USD is bulish for the next 24 hours

www.cryptopolitan.com 09 December 2021 13:55, UTC
Reading time: ~3 m

  • Vechain price analysis is bullish today.
  • VET/USD retraced to $0.09 overnight.
  • VET/USD is currently trading at $0.0916.

Vechain price analysis is bullish today as we expect another attempt to break above $0.10 to follow over the next 24 hours after a higher low was set at $0.09 overnight. Therefore, VET/USD could see the next major resistance around $0.11 reached by the end of the week, as we anticipate a breakout higher.

Vechain price movement in the last 24 hours: Vechain fails to break $0.10, retraces to set a higher low at $0.09.

The Vechain price (VET/USD) surged on Wednesday, reaching an intraday high of $0.12. However, the digital asset later retreated to below $0.10, eventually settling at $0.09 overnight. The cryptocurrency has seen some mixed trading today, with its value oscillating around the $0.090 mark.

Despite the recent pullback, Vechain remains in a bullish trend on the daily chart. The digital asset has been trading above its 200-day moving average for over two weeks now, indicating that the long-term trend is positive. Additionally, Thursday’s rally took VET/USD above the 50-day moving average for the first time in over a month, confirming that the short-term trend is also bullish.

The next major resistance for Vechain can be found at the $0.10 level. That was previously the high point reached by the cryptocurrency on September 10. A break above that could take VET/USD to new highs, with potential targets at $0.11 and beyond. On the other hand, a pullback below $0.090 could see the asset revisit its 200-day moving average around $0.076.

VET/USD 4-hour chart: VET to test $0.10 resistance again?

We can see bulls reclaiming control over the VeChain price on the 4-hour chart, suggesting that a test of upside is likely later this week.

VET/USD 4-hour chart. Source: TradingView

The VET/USD pair has been on a downward trend since the start of the year and is still trading at an extremely depressed price, as we can see in this chart. The price of VeChain has decreased steadily over recent weeks until a strong drop was observed on Friday. The price of VeChain fell to $0.07 before recovering some of its losses with a reaction to $0.10, establishing a solid lower low.

On Tuesday, the push lower resulted in a higher low at $0.08, showing that bulls are internally preparing to reverse the market structure. On Monday afternoon, VET was pushed back below $0.10 resistance with a somewhat lower high.

As a result, the VeChain market is presently in consolidation. However, considering how far the market previously fell, we anticipate VET/USD to break higher and continue retracing the previous downturn.

Vechain Price Analysis: Conclusion 

The VeChain price is presently in an upward trend, as we’ve seen a retracement to $0.09 last night develop into consolidation this morning. The next significant barrier for VET/USD is $0.11, which is probably when the market attempts to break higher.

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.

Back to the list