VeChain price analysis: VeChain consolidates around $0.115, prepares to retrace?

TL;DR Breakdown

• VET moved around $0.11 overnight.
• VeChain rejects further upside.
• Next support at $0.10

VeChain price analysis is bearish for today as the market could not move any higher overnight and bears prepare to take over. Therefore, we expect VET/USD to move to the $0.10 support later this week.

The overall market trades with a small loss over the last 24 hours. Bitcoin remains relatively flat, while Ethereum has lost 3.67 percent. Meanwhile, the rest of the market has postes similar bearish results, with only a couple of altcoins dropping substantially more.

VeChain price movement in the last 24 hours

VET/USD traded in a range of $0.109 – $0.1141, indicating a small amount of volatility. 24 hour trading volume has decreased by 11.51 percent and totals $599 billion. Meanwhile, the total market cap stands around $7.1 billion, ranking the cryptocurrency in 21st place overall.

VET/USD 4-hour chart – VET fails to move above $0.115

On the 4-hour chart, we can see VET preparing to retrace after consolidation over the last 24 hours.

The overall price action structure is slightly bullish over the past weeks after a considerable retracement in May. A clear rejection was formed above the $0.05 mark at the end of May, from which the market established a high at $0.14.

After setting a higher low twice, the market moved to $0.15 mark in the beginning of June. After failure to move higher, VET/USD started to retrace again and retested previous lows around $0.10 twice.

A descending resistance trendline was established over the past weeks, which was broken on Sunday, indicating that bulls are regaining control. From there, the VeChain price started to move sideways with $0.115 as a resistance and $0.11 as a support.

Therefore, we expect VET/USD to move lower over the following 24 hours and try to retest the $0.10 support. If this price mark fails to hold, the next support is located at $0.09. In case VeChain reached the $0.09 support, we can expect a lot more bearish price action over the following weeks.

Alternatively, VET/USD is expected to reverse and start setting higher highs again as bulls are eager to retest the previous all-time high.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish as the market consolidated for the last 24 hours and formed a base from which to push lower later this week. Therefore, we expect VET/USD to retrace further and reach the $0.10 mark later this week. 

While waiting for VeChain price action to move lower, see our latest guides on how to trade Bitcoin, how to buy Bitcoin stock, and Cardano staking.

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.

Source: https://www.cryptopolitan.com/vechain-price-analysis-2021-06-16/