- VeChain’s native token, VET, has been under bearish pressure but is showing signs of a potential breakout, with analysts predicting a bullish rally to $1 or even $2.
- October could be pivotal for VET’s price surge, especially if Bitcoin hits $70,000.
Over the past few months, VeChain’s native crypto VET has been seeing bearish selling pressure around $0.20 levels. However, market analysts believe that the VET price is preparing for a strong bullish rally to $2 after a strong breakout in the coming month of October.
Things seem to be turning optimistic with VeChain seeing over 8% gains over the past week and its market surging past $2 billion. Popular crypto analyst EGRAG shared a bullish outlook highlighting the Elliot Wave Theory on the technical chart.
This theory shows that the VET price may be entering wave three, which is an impulsive phase, followed by a Wave Four correction. Later, in wave five, the VeChain price could witness a significant rally ahead. EGRAG predicts that Vechain can easily rally to $1 in the short term with further potential to attain a peak at $2.
He also added that the price increase might happen sooner than expected, especially if the Bitcoin price surges to $70,000, thereby allowing VeChain to gain further momentum. EGRAG Crypto believes that October could be the month of a crucial price movement.
#VET Move A: $1 or Move B: $2!!!!
The next move for #Vechain is going to be a game-changer! 🎯
If we’re entering impulsive Wave 3️⃣, it needs to show 5 sub-waves. If this next impulsive structure hits all the right criteria, get ready for a quick and aggressive corrective Wave… pic.twitter.com/Di01tmg0sP
— EGRAG CRYPTO (@egragcrypto) September 21, 2024
If VET can withstand the current bearish pressure, the $2 target could be attainable. The next few weeks will be pivotal in shaping VET’s price trajectory. As market conditions improve, VET may see significant growth soon, with a major rally potentially on the horizon.
Key VeChain Developments
VeChain has been making major inroads in different industry verticals. It is also making a major impact on the European IoT market by implementing blockchain technology across multiple industries, including supply chain management, healthcare, and automotive, reported CNF.
VeChain Global Technology has reached a major milestone with the approval of a new U.S. patent, further enhancing its portfolio of blockchain innovations. The patent, titled “Methods and Devices for Managing User Identity Authentication Data,” was granted on September 17, 2024.
This latest patent aims to simplify the management of user identity authentication using an advanced blockchain-based solution. Besides, the system also focuses on methods that “provides a management device, an authentication device, a terminal, a non-transitory computer-readable storage medium, and a computer program product” for tacking users’ identity, reported CNF.
VeChain CEO Sunny Lu highlighted the increasing importance of decentralized autonomous organizations (DAOs) in blockchain technology and shared his insights on the future of cryptocurrency and broader blockchain adoption, per the CNF report.
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