Looking at the technical charts, VeChain’s price movement is resembling the pattern seen during the bull run of 2018-2020. This similarity suggests the potential for a significant 150% rally in VET’s price.
Altcoins, or alternative cryptocurrencies, have been experiencing a cyclical upward trend in their prices, and VeChain (VET) is showing potential as the next possible winner. On Tuesday, December 19, the price of VeChain (VET) rose by 7%, surpassing a critical resistance level at $0.033. This breakthrough has now set the stage for another significant rally in the coming month.
VeChain (VET) Eyes Potential 150% Surge after 84-Week High
In early December, VeChain achieved its highest point of 2023, hitting $0.041153 and marking an 84-week high. This showcased a notable 180% increase in value from its local bottom in September. Despite closing the week beginning December 11 below this peak at $0.02946, the current week unfolds with VeChain (VET) gearing up for another attempt to retest the annual high.
In a recent analysis, well-known cryptocurrency analyst Ali Martinez sheds light on VeChain, often dubbed as the overlooked Chinese Ethereum. Martinez observes that VeChain is currently in a consolidation phase resembling the years 2018-2020.
According to Martinez’s insights, if this pattern persists, VeChain (VET) may breach the $0.033 resistance level in the next two weeks, setting the stage for a significant upswing. The optimistic scenario proposed by Martinez suggests a potential surge for VET, reaching $0.077 by late January—an impressive 150% increase from its current levels. Investors are closely watching to see if VeChain can maintain this upward momentum.
Courtesy: Ali Martinez
EGRAG Charts Bold Price Projections for VeChain (VET) into 2024
In a recent analysis, the well-known chartist EGRAG has put forth ambitious price projections for VeChain (VET), extending beyond 2024. EGRAG highlighted VET’s extended downtrend pattern, drawing parallels with the trajectory that led to its all-time high in 2021. Reflecting the emerging trend, EGRAG outlined three significant price targets for investors to keep a close eye on.
The first target proposed by the analyst suggests a potential price of $0.11642, anticipated to be achievable in 2024. Going further, EGRAG envisions an exceedingly optimistic scenario for VET in 2024, projecting substantial growth of 800% that could drive the token’s value to $1.05737.
Notably, the third and most ambitious target value presented by EGRAG is an impressive $2.3, implying an explosive yield exceeding 7,700%. These projections provide a compelling outlook on the potential future trajectory of VeChain, capturing the interest of both crypto enthusiasts and investors.
Adding to the positive momentum, a recent report by NowNodes indicates a significant increase in on-chain data requests for the VeChain blockchain. The surge, from 240 million in Q1 to 392 million in Q4, signifies consistent growth in node load and usage throughout 2023, reinforcing VeChain’s standing in the crypto landscape. Investors are closely monitoring these developments as VeChain continues to draw attention for its potential future performance.
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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