VeChain price analysis: VeChain moves to retest $0.14, break higher later today?

TL;DR Breakdown

• VET bullish overnight.
• Resistance at $0.14 currently tested.
• Next target at $0.155.

VeChain price analysis is bullish for today as the market approached the previous swing high at $0.14. Therefore, we should see a higher high finally set over the next 24 hours with the $0.155 resistance.

The overall crypto market trades in the green over the past 24 hours. Bitcoin has increased by 2 percent while Ethereum around 1.68 percent. Filecoin (FIL) is up by 25 percent and is among the top performers today.

VET/USD opened at $0.14 after a slight bullish close yesterday. Currently, the resistance at $0.14 is being tested, indicating that VET will likely set a higher high over the next 24 hours.

VeChain price movement in the last 24 hours

VET/USD traded in a range of $0.1235 – $0.1397, indicating a moderate amount of volatility. 24-hour trading volume has increased by 11.7 percent and totals $1 billion. The total market cap trades at $8.74 billion, ranking the cryptocurrency in 20th place overall.

VET/USD 4-hour chart – VET prepares to break $0.14

On the 4-hour chart, we can see the VeChain price preparing to push above the previous swing high at $0.14, indicating that the overall market prepares for further high this week.

The overall market continues to reverse from the bearish price action momentum over the past weeks. On the 23rd of May, the Vechain price set a higher low and started moving higher to $0.14, where previous resistance was retested.

Last week, VET/USD retraced and set a higher low at $0.095. From there the market moved higher over the past days and approached the $0.014 previous swing high. Therefore, we expect the VeChain price to break higher over the next 24 hours and reach $0.155 next resistance.

Once the $0.155 resistance is reached, the overall VeChain price action momentum will shift back to being bullish and we can expect VeChain to set a new all-time high by the end of this month.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish as the market has moved higher over the past few days and currently attempts to break the $0.14 resistance. Therefore, we expect VET/USD to reach the next resistance at $0.155 over the next few days.

While waiting for further VeChain price action development, read our latest guides on how to buy Cardano, mine Zcash, how to invest in Bitcoin.   

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-2021-06-03/