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20 October 2021
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VeChain Price Analysis: VET finds support at $0.11 again, an upside to follow today?


VeChain price analysis is bullish for today as the $0.11 mark still holds as support. Therefore, we expect VET/USD to reverse higher again and look to retest the closest resistance at $0.123 next.

VeChain Price Analysis: VET finds support at $0.11 again, an upside to follow today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded slightly in the red over the last 24 hours. The market leader, Bitcoin, is down by 1 percent, while Ethereum has lost 3.03 percent. Meanwhile, Cosmos (ATOM) is the best performer, with a gain of almost 9 percent.

VeChain price movement in the last 24 hours: VeChain retests $0.11 support again

VET/USD traded in a range of $0.1113 – $0.1155, indicating low volatility over the last 24 hours. Trading volume has decreased by 25.59 percent and totals $264.6 billion. Meanwhile, the total market capitalization trades around $7.25 billion, ranking the coin in 28th place overall.

VET/USD 4-hour chart: VET look to move higher today?

On the 4-hour chart, we can see the VeChain price testing the $0.11 support again as bulls likely prepare to take over again.

VeChain Price Analysis: VET finds support at $0.11 again, an upside to follow today?
VET/USD 4-hour chart. Source: TradingView

VeChain price action has seen strong volatility so far this month. After several days of bullish momentum took the market price to $0.155 new swing high, a sharp drop was seen on the 7th of September.

VET/USD quickly lost more than 30 percent until it finally stabilized above the $0.11 mark. Over the following week, VET traded in the $0.11-$0.123 price area, with several retests of both the support and resistance.

Overall, this price action development indicates taht we are to see further consolidation. Considering the current retest of the support, the VeChain price should move higher over the next 24 hours and retest the upper boundary of the trading range.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish today as the market has retested the $0.11 support and currently prepares to reverse higher again. Therefore, we expect VET/USD to move towards the $0.123 resistance next.

While waiting for VeChain to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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