Sunday, December 22, 2024

Can VeChain Attain New Heights? Analyst Shares Prediction

Bitcoin’s bullish momentum has fueled the crypto market to an upward pattern. Because the flagship cryptocurrency rises to the $52,000 degree, a number of different cryptocurrencies observe its steps intently and exhibit indicators of a potential bull run.

Accordingly, a famend crypto analyst has predicted a possible bull run for VeChain (VET) that would lead the token to a brand new all-time excessive (ATH).

Will VeChain Repeat Historical past?

Crypto analyst Ali Martinez has shared his prediction for VET this week. The analyst believes historical past may repeat itself, and the cryptocurrency may even see its largest week in years.

In response to Martinez, VET appears to be repeating historic patterns that preceded the 2021 bull run and noticed the token’s value rise to its all-time excessive value. Within the X (former Twitter) put up, the crypto analyst predicted that VET may surge to the $0.054 value vary, a degree it has not reached since April 2022.

The chart under reveals the 595-day consolidation interval that preceded the 2021 bull run. The cryptocurrency moved sideways throughout this era earlier than finally breaking out and reaching its ATH of $0.281.

Equally, the chart signifies the present 644-day consolidation interval in 2022. If historical past repeats this week, Martinez believes VET’s sample may observe the 2021 pattern and drive the token’s value upwards to $0.054. The analyst additionally predicted a possible value correction that will final till June.

After the correction, Martinez predicts a bull run that will skyrocket the cryptocurrency value to $0.70 by November of this 12 months. This long-term prediction would triple VET’s beforehand established ATH.

VET Value Motion

As beforehand reported, VET’s value broke above a big resistance degree in December 2023 earlier than struggling a pullback. In January 2024, the cryptocurrency confronted one other rejection following an try to interrupt out of the identical $0.03 value resistance.

Following the latest Bitcoin rally, VET has been monitoring its actions, mirroring a pattern much like that of the flagship cryptocurrency, because the chart under reveals.

VET's value motion follows an analogous pattern to BTC over the past 7 days. Supply: CoinGecko

At writing time, VET is buying and selling at $0.04625, a 5.1% surge within the final hour and a 32.3% surge within the earlier 24 hours. In response to CoinGecko knowledge, cryptocurrency takes the thirty fourth spot in market capitalization.

VeChain has a every day buying and selling quantity of $195 million, representing a 68.5% enhance in someday. These metrics recommend an increase in market exercise for the cryptocurrency and trace at a constructive sentiment amongst buyers.

Nonetheless, regardless of Martinez’s prediction, VET’s value has a protracted street forward as it’s nonetheless 85.33% decrease than the all-time excessive value achieved three years in the past.

VET, Vechain, Crypto

VET value motion within the 1-day chat. Supply: VETUSDT on TradingView.com

Featured picture from Unsplash.com, Chart from Tradingview.com

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site totally at your individual threat.



Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles