VeChain price analysis: VeChain retests $0.10, ready to move lower today?

TL;DR Breakdown

• VET moved lower overnight.
• Support at $0.10 still holds.
• Next support at $0.09.

VeChain price analysis is bearish for today as the market moved lower yesterday and reached the $0.10 support again. Currently a slight rejection to the upside is seen, as the market likely prepares to push lower overnight.

The overall market trades with a small loss over the last 24 hours. Bitcoin has lost 3.3 percent while Ethereum remains relatively flat. Rest of the market trades with a small loss.

VeChain price movement in the last 24 hours

VET/USD traded in a range of $0.09693 – $0.1107 indicating a moderate amount of volatility. Trading volume has increased by 5 percent and totals $842.2 billion. The total market cap trades at $6.6 billion, ranking the cryptocurrency in 21st place overall.

VET/USD 4-hour chart – VET finds support around $0.10 again

On the 4-hour chart, we can see that the Vechain price action moved lower earlier today as bears wanted to break the $0.10 support.

The overall market sentiment is still slightly bearish as bulls have failed to push higher over the past days. Looking at the price action over the past weeks, we can see that bears are exhausted overall as a sharp rejection was seen around the $0.05-$0.10 mark.

From there, VET/USD started to trade higher and, after two higher highs and lows were set, retraced again to the $0.10 mark. Over the past days a slight move higher retested the $0.12 mark, and the market startet pushing lower again yesterday.

Earlier today, the $0.10 mark was tested again and the market could not move any further. Therefore, we expect VET/USD to regain some of the loss before making another attempt to move lower. 

The next support is located at $0.09. If Vechain price continues to move any lower than that, we could see another several day spike lower later this month. This means that the best option for now is to wait for further price action development.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish as the market looks to break the $0.10 and set another lower low. However, if we see a strong rally over the next 24 hours, we could see VET/USD set a high high above the $0.12 mark.

While waiting for further VeChain price action development, read our guides on how to cash out Bitcoin, how to buy Bitcoin stock, and should I buy 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-2021-06-12/