The VET moved away from the $ 0.09 support yesterday. The bar of $ 0.10 crossed overnight. VET / USD finds resistance below $ 0.11.
VeChain’s price analysis is bearish for the weekend as a rapid spike has been seen in the past 24 hours leading to a higher high level just below $ 0.11. Therefore, we expect the VET / USD to reverse later in the day and test the previous resistance again as support around the $ 0.09 mark.
Cryptocurrency heat map. Source: Coin360
The crypto market has traded with strong bullish momentum over the past 24 hours. Bitcoin rose 4.23%, while Ethereum rose over 10%. Meanwhile, Dogecoin is among the top performers with a 19% gain.
VeChain price movement in the last 24 hours: VeChain rallies at $ 0.11
VET / USD was trading in a range of $ 0.09407 to $ 0.1089, indicating high volatility over the past 24 hours. The volume of transactions increased by 73.8 billion dollars and totals 1.17 billion dollars. Meanwhile, the total market cap is trading around $ 6.7 billion, which puts it in 22nd place in the market.
4-hour VET / USD chart: VET ready to retrace?
On the 4 hour chart, we can see the price of VeChain rejecting a further rise in the last few hours, indicating a reversal to come later today.
4 hour VET / USD chart. Source: TradingView
VeChain’s price continued to recover this week. Since the last low around $ 0.056, VET / USD has risen over 90% to hit the resistance of $ 0.11. However, the $ 0.11 was not breached and some rejection for a further hike was seen in the last few hours.
Additionally, the VET / USD has increased by around 18% in the past 24 hours, which means the market is expanded from now on. Therefore, a retracement is necessary before reaching a further rise.
VET’s potential target to find support is around the previous major resistance of $ 0.09. Once the price of VeChain hits a higher low, we should see another rally next week, as the overall market momentum is currently very bullish.
VeChain price analysis: conclusion
VeChain’s price analysis indicates that bearish momentum will follow over the next 24 hours as a rapid spike to the $ 0.11 mark was seen earlier today. From there, VET / USD started showing signs of weakness, which should lead to a retracement at $ 0.09.
Until VeChain goes further, read our articles on investing in PayPal Bitcoin, Bitcoin Trusts, as well as Dogecoin as a good investment.