Analysts are comparing the current patterns in VeChain (VET) to previous bullish cycles, suggesting optimistic targets for the cryptocurrency. They anticipate a substantial 150% surge in late January based on these parallels.
Recently, VeChain (VET) has been consistently going up, showing a growth rate of over 45% in the last 30 days. Notably, some well-known analysts in the crypto community suggest that the remarkable performance of VET so far might just be the beginning, hinting at even more significant growth in the upcoming weeks.
VeChain (VET) Chart Analysis: Potential 150% Surge
Renowned chart analyst Ali Martinez recently took to Twitter, drawing attention to VeChain’s current price action resembling the consolidation phase seen between 2018 and 2020. The accompanying chart provided additional insights, indicating that VET’s one-week candle from 2022 onwards mirrors patterns observed just before the start of the last bull run, considering both highs and lows.
VeChain 1W Chart | Ali Charts
Moreover, the chart suggests a potential upward trajectory reminiscent of the path observed during the last bull run. Martinez speculates that if these patterns persist, VET could break through its resistance barrier at approximately $0.033, with the anticipated breakout predicted within the next two weeks.
Adding to the intrigue, the analyst suggests that this upward movement might be a precursor to a significant climb, projecting VeChain to reach $0.077 by late January. This optimistic forecast implies a substantial 150% return on investment, highlighting the potential for a noteworthy surge in VeChain’s value.
VeChain (VET) Analysts’ Bold Projections for 2024 and Beyond
Chart analysts, including Ali Martinez and EGRAG, are expressing bullish sentiments regarding VeChain’s future growth. EGRAG, in a separate thread, highlighted VET’s extended downtrend pattern, which now closely mirrors the path leading to its 2021 all-time high. Drawing from this observation, EGRAG presented three notable price targets for the future.
Firstly, a potential price of $0.11642 is identified as achievable in 2024. Expanding on the optimism, EGRAG envisions a more ambitious outlook for VET in the same year, projecting an 800% growth to reach $1.05737. The third and most daring target proposed by EGRAG is $2.3, requiring an explosive yield exceeding an astounding 7,700%.
As of the latest report, VET is valued at $0.03039 in the market, showcasing an 11% cumulative gain over the past seven days. These bold projections by analysts indicate a high level of optimism surrounding VeChain’s potential for substantial growth in the coming years.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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