VeChain price analysis: VeChain still around $0.10, move lower overnight?

TL;DR Breakdown

• VET moved slightly higher yesterday.
• Bears slowly regained control overnight.
• Next support at $0.09.

VeChain price analysis is bearish for today  as the market could not move any higher overnight and bears have regained control. Therefore, we expect VET/USD to break below the $0.09 mark and reach the next support at $0.09 early next week.

The overall market trades in the red over the last 24 hours. Bitcoin has gained 1.47 percent, while Ethereum almost 2 percent. The rest of the altcoin market follows this pattern of bearish results.

VeChain price movement in the last 24 hours

VET/USD traded in a range of $0.1002 – $0.1079, indicating a small amount of volatility. 24 hour trading volume has decreased by 42.55 percent and totals $490 billion. The total market cap stands at $6.54 billion, ranking the cryptocurrency in 21st place overall.

VET/USD 4-hour chart – VET still holds $0.10 support

On the 4-hour chart, we can see the VeChain price approaching the $0.10 support again as bears prepare to push the market to the next support at $0.09.

The overall market trades in a bearish momentum over the last week after a strong higher high was set at the $0.15 mark on the 4th of June. From there VET/USD set several lower lows and highs, indicating that bears have taken over control over the market.

Support around the $0.10 mark was found initially on 8th of June and retested yesterday. From there, VET/USD made a slight bounce to the several day descending resistance trendline and retested the $0.10 mark once again from there.

This price action development means that we can expect a breakout over the next 24 hours. If VET/USD moves above the descending trendline, VET should reach the $0.12 mark and move higher from there. Alternatively, VET/USD will move to the $0.09 support next, which would be the most probable scenario, when considering the price action development over the last 24 hours.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish today as the market could not push any higher late yesterday and bears took over the market sentiment earlier today. Therefore, we can expect further downside to the $0.09 mark, which could lead to a much bearish price action development over the next 24 hours.

While waiting for further VeChain price action development, read our guides on how to cash out Bitcoin, buy Bitcoin stock and should you buy Bitcoin.

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Source: https://www.cryptopolitan.com/vechain-price-analysis-2021-06-13/