VeChain price analysis: VeChain moves to $0.075, prepares to break above $0.090?

TL;DR Breakdown

  • VET moved high yesterday.
  • Retracement to the $0.075 mark earlier today.
  • Market prepares for another push higher.

VeChain price analysis is bullish for today as the market has retraced to the $0.075 mark earlier today and established a local higher low. Therefore, we can expect VET/USD to start moving higher over the next 24 hours as bulls want to reach the next resistance at $0.090.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has lost 3.43 percent, while Ethereum 6.7 percent. The rest of the crypto market follows this pattern, with the exception being Dogecoin (DOGE), which is up by more than 8 percent.

VeChain price movement in the last 24 hours

VET/USD traded in a range of $0.07382 – $0.08313, indicating a moderate amount of volatility. Trading volume has remained unchanged and still stands at around $712 billion. Meanwhile, the total market cap trades around $4.8 billion, ranking the cryptocurrency in 21st place overall.

VET/USD 4-hour chart – VET sets a higher local low

On the 4-hour chart, we can see the VeChain price action retracing over the past hours, likely resulting in another push higher later today.

VeChain price analysis: VeChain moves to $0.075, prepares to break above $0.090?
VET/USD 4-hour chart. Source: TradingView

The overall market trades with a bearish price action structure over the past weeks. After a new higher high was set at the $0.15 mark at the beginning of June, the VeChain price retraced to $0.10, where support was expected to hold and the market push higher from.

However, earlier this week, the $0.10 mark failed to hold and VET/USD started to push lower again. After spiking to the $0.09 mark, VET made a quick retest of the $0.10 mark and moved lower from there until support was found at $0.06 on the 22nd of June.

From the $0.06 level, VeChain slightly recovered and started moving sideways over the past 24 hours to form a base from which to potentially rally higher over the weekend. During the past hours, we saw another slight retracement, with a slightly higher local low set for now.

Therefore, if the current minor support at $0.075 holds, we can expect VET/USD to start rallying higher again overnight. This could lead the VeChain price towards further upside over the weekend as bulls want to retest the previous support area around $0.09-$0.10 as resistance.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish for the remainder of today as a higher local low was set over the past hours. This price action development should lead VET/USD towards another move higher later today, with the next target at $0.090 to be reached over the weekend.

While waiting for VeChain to move higher, read our latest guides on what is DeFi, Bitcoin fees, as well as what can you buy with Bitcoin.

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