VET drops to $0.13, quick recovery in progress

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  • VeChain price analysis is bullish today.
  • VET/USD likely saw the final push lower to $0.13.
  • Bullish momentum returned this morning.

Things are looking good for VeChain bulls today, with solid rejection for further downside throughout the market’s journey towards $0.13. As a result, we expect VET/USD to recover later today and perhaps rise even higher by the end of the week.VeChain Price Analysis: VET drops to $0.13, quick recovery in progress 1Cryptocurrency heat map. Source: Coin360

The overall market saw some bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.38% and 5.35%, respectively. Meanwhile, Hex (HEX) is still the top performer, with a gain of over 12 per cent.

VeChain price movement in the last 24 hours: VeChain drops to $0.15, rejects further downside

The VET/USD pair traded in a range of $0.1503 to $0.1824 during the trading session, indicating considerable volatility over the previous 24 hours. Trading volume has risen by 20% and is now worth $1.3 billion, up from $1.2 billion at the beginning of April 2019. Meanwhile, overall market capitalization rose to $1.6 billion, up from $1.5 billion yesterday.

VET/USD 4-hour chart: VET ready to recover?

On the 4-hour chart, we see that Vechain’s price is rising as sellers are exhausted.

VeChain Price Analysis: VET drops to $0.13, quick recovery in progress 2VET/USD 4-hour chart. Source: TradingView

So far, VeChain price action in November has shown a lot of stability. After several days of favourable market momentum, VET/USD climbed to $0.165.

The pair broke above a short-term obstacle at $0.15 on Monday and has since consolidated, before moving higher again on Monday and reaching $0.187 several months high. Bears were unable to defend this price level for long, forcing a retracement back down to $0.165 initially.

After reaching back towards the $0.10 mark, the VeChain price surged to around $0.18, resulting in a dramatic boost to $0.15 overnight. Since then, VET/USD has begun to recover as bullish momentum has returned this morning.

VeChain Price Analysis: Conclusion 

The VET/USD pair is currently in a strong uptrend, which has resulted in a building higher low on Monday. As a result of this, the VET/USD pair will most likely resume its ascent over the next 24 hours.

While waiting for VeChain to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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