VeChain price analysis: VeChain breaks above descending trendline, prepares to break $0.12?
2 min readTL;DR Breakdown
- VET moved sideways overnight.
- Closest resistance at $0.12.
- Closest support at $0.10.
VeChain price analysis is bullish for today as the market broke above the several day descending trendline and moved towards the next resistance at $0.12. Therefore, we can expect VET/USD to move higher later today and push above the $0.12 mark.
The overall market trades in the green today as both BTC and ETH are up. Rest of the altcoin market follows this bullish trend, with Polkadot (DOT) being among the best performers with a gain of 15.4 percent.
VeChain price movement in the last 24 hours
VET/USD traded in a range of $0.1087 – $0.1166, indicating a moderate amount of volatility. Trading volume has slightly increased and totals $668.5 billion, while the total market cap stands at $7.22 billion.
VET/USD 4-hour chart – VET still moves sideways
On the 4-hour chart, we can see the VeChain price action failing to move higher overnight after a quick spike higher from the $0.10 support.
The overall Vechain price action still trades in a bearish structure after the market saw a considerable retracement in May. At the end of May, a quick spike to the $0.05 was set, from which VET/USD quickly recovered all-the-way to the $0.14 resistance.
From there, the market set both a higher high and high rlow, indicating that bulls are taking over momentum. However, after the last high around $0.15 on the 4th of June, VET/USD started to retrace and established a clear descending resistance trendline.
On the 12th of June, VeChain price retested the $0.10 mark for the second time, with failure to move higher. From there, the several week descending trendline was broken and VET/USD spiked higher to the $0.11 mark overnight.
This VeChain price action development means that bulls are preparing to rally higher later this week and we can expect the $0.12 resistance to be broken over the next 24 hours. After a breakout, VET/USD should quickly push towards the $0.15 previous swing high.
VeChain Price Analysis: Conclusion
VeChain price analysis is bullish as the market spiked higher late yesterday and almost reached the $0.12 resistance overnight. Therefore, the overall market price action structure starts to turn bullish again, indicating that we will see a move towards the $0.14-$0.15 resistance later this week.
While waiting for further VeChain price action development, see our articles on Cardano staking, Cashing out BTC, and how to buy BTC stock.
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