TL;DR Breakdown
- VeChain price analysis is bullish today.
- VET/USD saw further upside broken late yesterday.
- VET/USD is currently trading at $0.0828.
VeChain price analysis is bullish today as we expect more upside to be tested over the next 24 hours after a break higher and a brief higher low set overnight. Likely VET/USD is ready to increase, likely breaking the $0.09 mark next. VET/USD is now sitting at $0.084 as we type and still looks as bullish as ever as there were no real declines to speak of during September, so we approach the end of the month on a high, especially after this break higher overnight.
The daily chart shows a bullish outlook, with yesterday’s close being an outside day candlestick, indicating the bears may have been exhausted. Support is strong, around $0.078, and a convincing break higher should see VET/USD head over $0.09 today and potentially even higher.
The 4- hour chart shows a similar bullish outlook with the price increase in the last four hours after a brief period of consolidation. Price has retraced back into support, and it will be interesting to see if we can get a break higher here today. If so, this could open up the upside towards $0.092 over the short term, at least, providing there is no bearish catalyst for this move.
VET/USD 4-hour chart: Bullish signals
We can observe that the VeChain price is increasing momentum on the 4-hour chart thus far today, most likely resulting in a strong higher high.
After more than a month of declines, the price of VeChain has found support at $0.081 on the 30th of December. The support was re-tested a day later, with another definitive rejection, implying that the decline will resume.
The VET/USD four-hour chart shows that VET/USD has seen further upside late yesterday and broke through the previous higher low set early last week and outperformed other major cryptos against Bitcoin and USDT today too. For now, it seems like resistance remains at $0.078. Still, we could see this broken before too long if the momentum continues upwards, with several signs pointing towards more interest in this crypto right now, even if most others are losing steam.
Since then, VET/USD has established a higher local high of $0.088. After consolidating below the barrier for more than a day, yesterday’s clear higher local low was set at $0.084.
Volumes were lower as the VeChain price declined and reached a low of $0.0746 during the Asian session. The market then rallied, almost reaching the $0.09 level later. Bulls reasserted control overnight, following a brief retreat, and have since pushed the VeChain price to new local highs.
VeChain Price Analysis: ConclusionÂ
It appears that Vechain is likely to set a successful higher high later in the day, as we are currently seeing another rally begin overnight, leading up to the $0.09 level. The momentum is expected to continue throughout the day, implying that VET/USD will establish a strong higher high.
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