VeChain price analysis: VeChain rebounds from $0.12, prepares to retest $0.10?

TL;DR Breakdown

  • VET found resistance at $0.12 yesterday.
  • Next support at $0.10.
  • Next target to the downside at $0.09.

VeChain price analysis is bearish for today as the market retraced from the $0.12 resistance overnight and looks to test further downside over the weekend.

VeChain price analysis: VeChain rebounds from $0.12, prepares to retest $0.10? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red today with Bitcoin being the exception as it is up by 3 percent. Chainlink (LINK), Uniswap (UNI), and Solana (SOL) are among the worst performers with a loss of 6-7 percent.

VeChain price movement in the last 24 hours

VET/USD traded in a range of $0.1091 – $0.1185, indicating a moderate amount of volatility. Trading volume has decreased by 12.67 percent and totals $879 billion. Meanwhile, the total market cap trades at $7.1 billion, ranking the cryptocurrency in 20th place overall. 

VET/USD 4-hour chart – VET moves lower again

On the 4-hour chart, we can see VET rebounding from the $0.12 resistance and pushing lower overnight as bears look to set another lower low.

VeChain price analysis: VeChain rebounds from $0.12, prepares to retest $0.10?
VET/USD 4-hour chart. Source: TradingView

The overall market price structure is still bullish as several higher highs and lows were set over the past weeks after a substantial retracement from the previous all-time high at $0.27 in May.

Last local swing high was set at the $0.155 mark, indicating that bulls have regained momentum. What followed over the last week was a retracement to the $0.10 mark, where another higher low was established. 

Yesterday, we saw the Vechain price test the $0.12 resistance from which bears pushed lower overnight. Therefore, we expect further downside later today with the next support target at $0.09, which if broken, would eman that bears have taken control again.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish as bulls could not push above the $0.12 mark yesterday and the market started moving lower again. Therefore, we can expect VET/USD to push to the $0.09 mark 

While waiting for further VeChain price action development, read our latest guide on buying Bitcoin, Bitcoin transactions, and peer-to-peer Blockchains.

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.

Source: https://www.cryptopolitan.com/vechain-price-analysis-2021-06-11/