VET/USD bearish for the next 24 hours
https://ift.tt/3zoxwWT
TL;DR Breakdown
- VeChain price analysis is bearish today.
- VET/USD is currently trading at $0.0841.
- Market likely headed to set higher low next.
VeChain price analysis is bearish today as we saw the $0.088 resistance rejected again over the past hours. Therefore, VET/USD is not ready to break higher, and another move lower is needed.
Now, we believe that a lower low is to be expected. If the price breaks below $0.072 support, further downside should be expected towards at least $0.06 or even as low as $0.052 area as an immediate short-term target.
However, if it does hold at this level and given the high trading volumes seen, a move higher is expected next. Therefore, we expect VET/USD to see an immediate higher high from here, towards $0.09 or even as high as $0.1 in the coming weeks before any more downside pressures are felt.
On the flip side, if it does break above $0.088, even more upside should be expected towards the $0.108 area before any cooling-off is felt.
VET/USD is currently below the 20MA and 50MA on the 1-hour chart; that’s why we believe more bearish movements are to be expected before any reversal.
If you have any open positions, it is best to hold them for now as more downside is likely. Keep an eye out for $0.072 support; if it does fail to have, then an even lower downside towards the $0.052 area should be expected in the short term.
VET/USD 4-hour chart: VET looks to reverse again?
On the 4-hour chart, the VeChain price was rejected for a second time, suggesting that there will be another reaction decline over the next 24 hours.
On December 27th, the VEN price rose by about 35 percent to $1.03, bringing it back up from its low at $0.44 on December 21st. However, the VET/USD pair reversed strongly after retreating over 90% of its value in only seven days.
On December 30th, VEt found support at $0.081, sending VEt into a buying frenzy. The day after, when a retest of the discovered support was conducted, it was rejected immediately higher.
After testing resistance at the $0.079 handle twice, the VeChain price finally established a slightly higher high near $0.088, with a subsequent attempt to break higher today. We expect another push to the downside next as bulls are unwilling to go further up because VET/USD has only increased briefly after both occasions.
VeChain Price Analysis: Conclusion
Today’s Vechain price analysis is gloomy, as another attempt to rise failed throughout the past days. While additional upside may be found, VET/USD most likely needs another push lower before more progress can be made.
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.
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