VeChain Price Analysis: VET/USD is bullish for the next 24 hours

VET/USD’s price is up today because we saw a strong resistance for additional losses as the market neared $0.15. As a result, we see a relief rally, and the momentum appears to be holding.

For now, VET/USD remains range-bound, and it is unclear if we will see another leg up today or not. If we do, $0.25 might be achievable once again as new money moves into this market, but there is a critical level above that, which is $0.30. If VET/USD can break above that level, we might see a next resistance test at $0.40 soon.

Let’s do a quick technical analysis of the current price action before getting into the price forecast itself. Please note that all figures provided below are based on our data and should only be used as an indication.

Brief price analysis shows that VET/USD yesterday saw the market close lower than where it opened. This seems to be a common theme within the past week and one we expected based on our previous forecasts. We knew that we would see a push lower as the market neared key support levels, and it is now clear that happened.

VET/USD 4-hour chart: VET ready to recover?

On the 4-hour chart, we can see the Vechain price action heading higher as sellers are exhausted.

VET/USD 4-hour chart. Source: TradingView

If there are no significant changes by tomorrow, we can assume that this market is bearish, but it might take another day or two to make its next push lower. We will see if anything changes between now and then; otherwise, VET/USD remains range-bound for the time being.

For now, VET/USD remains range-bound, and it is unclear if we will see another leg up today or not. If we do then, $0.25 might be achievable once again as new money moves into this market, but there is a critical level above that, which is $0.30. If VET/USD can break above that level, we might see a next resistance test at $0.40 soon. If there are no major changes by tomorrow, we can assume that this market is bearish, but it might take another day or two to make its next push lower. We will see if anything changes between now and then; otherwise, VET/USD remains range-bound for the time being.

The price of VeChain rose to $0.19 after an attempt to climb higher, resulting in a spectacular spike to $0.15 overnight. VET/USD has begun to recover as bullish momentum has returned this morning since then.

VeChain Price Analysis: Conclusion 

For now, I am cautiously optimistic about this market because if we do see another leg up, then there will be good-sized gains available even though the risk will be greater than what we saw during our last push higher. Still, yesterday was an important reversal day which is why I am writing today’s article.

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.

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