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VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower?

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VET/USD 4-hour chart: VET spikes above $0.13

On the 4-hour chart, we can see the VeChain price action rapidly advancing over the past hours, likely leading to another lower high set over the next hours.

VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower?

VeChain price has seen bearish momentum continue so far this week. After peaking slightly above $0.185 on the 9th of November, VET/USD saw a rapid decline over the following days to $0.15.

Some of the loss was regained on the 15th of November, as bulls quickly pushed VET above $0.175. However, bears took over again, leading to more downside last week to the $0.123 mark. 

By the end of last week, another clear lower high was set at $0.14, with a further decline starting over the weekend. Since then, the VeChain price momentum has been steadily bearish, with the previous low tested again Yesterday. 

A quick break lower followed to $0.12, with immediate reaction higher overnight. Currently, VET/USD has spiked to $0.13, where another lower high should be set by the end of the day.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish today as we expect more downside to follow after the current spike higher. Likely VET/USD will establish another lower high around the current price levels, leading to more downside over the next 24 hours.

While waiting for VeChain to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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