VeChain (VET) has managed to rebound from $0.12 and retest the $0.10 area after a sharp sell-off that saw the coin drop by 10% in 24 hours following a series of influential social media influencers to backtrack on their recent positive comments about the coin. With prices rising above the $0.10 mark, it will be interesting to see if the coin can manage to maintain support above this level.
VeChain has been one of the top performers in the cryptocurrency space this year, and for good reason. The project is focused on disrupting the supply chain management industry, allowing it to surpass traditional supply chains made possible by RFID and other technologies. The project recently completed its Mainnet launch, and it has been in an uptrend ever since, with the price rising from $0.12 to $0.10 this week.Summary of the situation
- Yesterday, VET met resistance at $0.12.
- The next support is at $0.10.
- The next downward target is $0.09.
VeChain’s price analysis for today is bearish, as the market retreated from the $0.12 resistance level overnight and further declines are expected over the weekend. Crypto-currency heat map. Source: Coin360 The market as a whole is trading in the red today, with the exception of bitcoin, which is up 3%. Chainlink (LINK), Uniswap (UNI) and Solana (SOL) are among the worst performers with losses of 6-7%.
VeChain price movement in the last 24 hours
VET/USD was trading in a range of $0.1091 to $0.1185, indicating moderate volatility. Trading volume fell 12.67% to $879 billion. The cryptocurrency has a total market value of $7.1 billion, putting it in 20th place.
4-hour VET/USD chart – VET drops again
On the 4-hour chart, we see that VET has bounced off the $0.12 resistance and moved lower overnight, while the bears are trying to make a new low. 4-hour chart VET/USD. Source: TradingView The overall price structure of the market remains bullish, as several higher highs and lower lows have been made in recent weeks after a sharp decline from the previous all-time high of $0.27 in May. The recent local high was at $0.155, suggesting that the bulls have regained their momentum. A pullback to $0.10 followed last week, when a new higher low was reached. Yesterday we saw the price of Vechain test resistance at $0.12, from where the bears pushed back down overnight. Therefore, we expect further declines later today with the next support target at $0.09, the breakout of which would indicate that the bears have regained control.
VeChain price analysis: Supplement
VeChain’s price analysis is bearish as the bulls failed to break above the $0.12 level yesterday and the market went back down. Therefore, we can expect the ETV/USD to move towards the $0.09 level. While we wait for more price action from VeChain, read our latest guide on buying bitcoin, bitcoin transactions and peer-to-peer blockchains. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.