VeChain Price Analysis: VET rejects $0.088 resistance, headed lower again?

TL;DR Breakdown

• VeChain price analysis is bearish today.
• VET/USD saw rejection at the $0.088 resistance.
• Market likely headed to set higher low next.

VeChain price analysis is bearish today as we saw the $0.088 resistance rejected again over the past hours. Therefore, VET/USD is not yet ready to break higher, and another move lower is needed.

The cryptocurrency market has turned bearish again over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 2.44 and 1.88 percent, while VeChain (VET) has lost around 1.8 percent.

VeChain price movement in the last 24 hours: VeChain consolidates below $0.088, rejects upside again

VET/USD traded in a range of $0.08552 – $0.08862, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 21.77 percent, totaling $247.7 million, while the total market cap trades around $5.6 billion, ranking the coin in 33rd place overall.

VET/USD 4-hour chart: VET looks to reverse again?

On the 4-hour chart, we can see the VeChain price rejected again, likely leading to another reaction lower over the next 24 hours.

VeChain price saw a strong advance earlier this month, rapidly gaining around 35 percent to the $1.03 mark on the 27th of December. However, from there, VET/USD reversed in a major way, quickly retracing most of the gain last week.

Support was finally found at $0.081 on the 30th of December, moving VEt into reaction higher. A retest of the newly found support was seen the next day, with immediate rejection higher.

Eventually, the VeChain price action set a slightly higher high around $0.088, with another attempt to break higher seen today. Since both times, VET/USD made only a brief spike higher, we assume another push to the downside will follow next as bulls are not yet ready to reach further upside.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish today as another attempt to move higher failed over the past hours. Likely VET/USD needs another push lower before more upside can be reached.

While waiting for VeChain to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.