- Vechain price analysis is bearish for today.
- VET/USD retraces after peaking at around $0.1244.
- VET is set to retest the $0.1125 support.
Vechain price analysis: General price overview
VeChain began her price analysis chart with a positive trend. The bulls controlled the market, pushing prices up in head and shoulder patterns that took them to intraday highs of $0.1196. The sellers erected a powerful barrier at the intraday highs, causing a falling price in a descending triangle.
Vechain price analysis indicates bearish price action momentum to follow later today as the market peaked around $0.1185 earlier today and currently declined back to $0.1124 support. Therefore, we expect VET/USD to fall further and retest the $0.1122 support later today.
Cryptocurrency heat map. Source: Coin360
The overall market traded in with mixed signals after some coins recorded gains while others posted losses. The tremendous assets, Bitcoin and Ethereum, gained 3.97 percent and 2.9 percent, respectively. The Binance coin is trading in the same direction, recording more than a 2 percent price increment. Despite many currencies trading bullishly, others like XRP, ADA, SOL, and FTT have recoded price drops.
VET/USD 4-hour chart: VET set to retest the $0.1125 support?
On the 4-hour chart, we can see the Vechain price declining again as bulls are not ready to break higher.
The Bollinger Bands are wide as the price volatility has only increased in recent hours, with VET moving between the $0.1125 and the $0.1244 marks. However, the bands are contracting on the hourly chart as a sign of reducing volatility. VeChain price seems to be advancing to the lowe band, implying a bearish trend might set in soon.
Vechain’s price has seen a lot of fluctuation over the last few days. A new low was established after a steep decline from $0.12900 to $0.09950 on the 7th of September, marking a lower low. However, in the days that followed, the market recovered rather swiftly.
VET returned above the $0.11300 support in mid-September, with a further 40 percent upside over the following hours. The Vechain price action eventually peaked below $0.11390, resulting in a retracement to $0.11262 yesterday.
From there, another attempt to move higher was seen earlier today. VET/USD peaked at $0.11340 this time, with another retracement over the last hours. Overall, this should lead Vechain lower today, with the minor $0.11350 support likely retested again.
Vechain Price Analysis: Conclusion
Vechain price analysis is bearish for today as another attempt to move higher ended with rejection at $0.1244. Since then, VET/USD has moved lower, as the $0.1125 support will likely be retested again.