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Blast From The Past? Analyst Identifies Pivotal Summer For VeChain With This Bullish Fractal

Over the past few weeks, the price of VeChain (VET) has struggled to live up to the promise and vigor it showed at the start of the year. This has been the story with a significant portion of the cryptocurrency market, with several large-cap altcoins down by double-digits in the past month.

However, the VeChain token has been a hot subject of discussion in the circle of cryptocurrency analysts and pundits. Popular crypto analyst Ali Martinez is amongst the latest to put forward future projections for the token.

Can VeChain Price Reach $0.6 By December 2024?

The crypto pundit took to the X platform to share an interesting update on the monthly chart of the VET price. According to Martinez, the cryptocurrency is gearing up for a price rebound this summer, which might be crucial to its performance in the rest of the year.

This projection is based on the return of a previously identified consolidation range in the VeChain price, with the analyst suggesting that the token could follow this historical fractal. Martinez pointed out that the fractal appeared in 2020 when VET’s price reached its all-time high of $0.281.

Most recently, VET broke out of a consolidation range following its significant price surge to $0.04664 in February. The altcoin has been experiencing a price correction since then, although what looks like a “resistance retest” seems to be complete. 

According to Martinez, the price of VeChain is set for a “rebound” this summer after retesting the channel’s upper boundary at around $0.32. Following the price recovery, the analyst said the cryptocurrency is likely to experience a “potential explosive growth” in the fall.

VeChain

As highlighted in the chart above, VET’s price could travel as high as $0.6 by December 2024. If this fractal does play out as the analyst anticipates, the price target would be a new all-time high and a massive 1,600% surge from the current price point.

VET Price Overview

As of this writing, the VeChain token is valued at  $0.03469, reflecting a 2.6% price dip in the last 24 hours. VET’s struggles in the past day underscore the altcoin’s sluggish performance on even broader timeframes.

According to data from CoinGecko, the cryptocurrency is down by 7% and 23% on the weekly timeframe and monthly timeframe, respectively. Nonetheless, VeChain has managed to retain its position amongst the top 50 largest cryptocurrencies, with a market capitalization of more than $2.5 billion.

VeChain

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Analyst Singles Out VeChain And XRP For Parabolic Surge, Here Are The Targets

Crypto analyst Egrag Crypto has singled out VeChain (VET) and XRP as two crypto tokens that could soon witness significant price surges. The analyst also outlined price targets crypto investors can expect these tokens to attain.

VeChain Could Rise To As High As $2.5

From the chart Egrag shared in his X (formerly Twitter) post, one could see that he was hinting that VeChain hit $2.5 at its market peak. He also elaborated on how the crypto token will rise to that level by breaking its price action into three targets. The first target was the yellow channel, which he highlighted on the chart. 

VeChain

VeChain is expected to rise to as high as $0.18 when this target is fully achieved. Egrag noted that this will mark the “forging of the MACRO-Bottom.” The second target will see the crypto token rise to almost $0.9. The analyst pointed out that this channel “aligns with the Fib 0.702 & 0.786 levels,” forming what he referred to as the “Mid-Bull-Cycle.”

VeChain is expected to rise to as high as $2.5 when the last target is achieved. Egrag remarked that this target aligns with “key Fib levels 1.236, 1.414, & 1.618, suggesting the potential cycle top for #VET.” This isn’t the first time the crypto analyst has laid a bullish narrative for the VeChain token. 

In February, he predicted that the crypto token could witness a 140x price increase if it repeats its price action from around 2021 when it rose by 14.638%. 

XRP Run To $1.4 Still In Play

Egrag provided his bullish analysis of XRP in a separate X post. He stated that the crypto token’s double formation was giving a “strong bullish signal.” He added that he is confident that the “thrust will soon.” This recent analysis was an update to a previous one where he predicted that XRP would rise to $1.4 soon enough. 

XRP

 Back then, he was also confident that this move to the upside was imminent, noting that the bulls had accumulated all the XRP tokens that the bears had dumped. He urged XRP holders to “stay steady” in anticipation of the life-changing opportunities that may arise due to the crypto token’s parabolic surge. 

Egrag has remained bullish on the XRP token despite its unimpressive price action. He has predicted at different times that the crypto token could rise to as high as $27 at its market top. 

At the time of writing, XRP is trading at around $0.54, up in the last 24 hours, according to data from CoinMarketCap.

VET price chart from Tradingview.com

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Historical Data Sparks Excitement: VeChain Price Poised For A Bullish Breakout?

In the rollercoaster ride of the crypto market, VeChain (VET) has managed to keep its head above water, showcasing resilience where many others falter.

VeChain Analysts Take Notice

Crypto analysts are keeping tabs on VeChain, with some seeing a potential bright future ahead. Sure, there’s been talk about VeChain’s performance since 2021, and it’s had its share of rough patches. But folks like Crypto EA reckon that VeChain has been pushing through, expanding its network and staying in the game despite the challenges.

Weathering The Storm

Despite the ups and downs of the market, VeChain’s current price stands at $0.039, with a decent trading volume of $124 million in the past 24 hours and a market cap of $2.90 billion. While it’s not skyrocketing, the fact that VeChain has seen a 1.50% increase in price in the face of a downturn speaks volumes about its stability.

Reading The Tea Leaves

One analyst, Ali Martinez, has been examining VeChain’s past to make sense of its present and future. Martinez points out some interesting similarities in VeChain’s price movements in 2020, suggesting that history might repeat itself. According to Martinez, VeChain could be due for a pullback towards $0.032 before potentially gearing up for a bullish run.

Bright Future Ahead For VET?

Other experts, such as Clifton Fx and World of Charts recently predicted a promising future for VET. The former insisted that the coin’s value may increase to $0.06 in the near future, while the latter predicted it might hit $0.22 this summer.

Flash made the most bullish prognosis, claiming that VET is going to rise by 2,500% to reach an all-time high of $1.

Investors Keep A Watchful Eye On Dips

Meanwhile, with the market mood swinging towards optimism, analysts are advising investors to play the waiting game. They suggest keeping an eye out for price dips and being patient. Some even think this could be the calm before the storm, predicting that VeChain might be gearing up for some serious gains in the future.

In the end, VeChain’s ability to stay afloat in choppy waters hasn’t gone unnoticed. While it may not be the flashiest player in the crypto world, its steady performance is starting to turn heads.

Featured image from Yahoo Finance, chart from TradingView

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Don’t Miss The VeChain Train — Analyst Projects 400% Price Increase

VeChain (VET), a blockchain platform aiming to revolutionize supply chain management, has become a hot topic in the cryptocurrency world. A recent surge in VET’s price, coupled with technical breakthroughs, has ignited a wave of optimism among investors and analysts.

VeChain Shatters Resistance Levels, Bullish Flag Signals New Highs

The good news for VeChain started with a decisive break above a multi-year downtrend line. This technical indicator, closely watched by analysts, suggests a potential shift in long-term market sentiment. Additionally, VET decisively surpassed a key horizontal resistance level, adding fuel to the bullish fire.

At the time of writing, VET was trading at $0.04, down 3.1% in the last 24 hour, but managed to sustain a 17% gain the last week, data from Coingecko shows.

Following this breakout, VeChain entered a consolidation phase, a period of sideways trading often seen after a significant price increase. However, this pause proved to be temporary. VET recently emerged from a bullish flag formation, a technical pattern known for preceding substantial price increases. Analysts are interpreting this breakout as a sign that VeChain is poised for another leg up.

400% Surge Anticipated: Will VeChain Live Up To The Hype?

Capitalizing on the bullish sentiment, crypto analysts have made some bold predictions. World of Charts, a prominent analyst group, is forecasting a staggering 400% increase in VET’s value in the coming weeks.

X user Clifton Fx also provided a positive outlook. A 25% surge to $0.06 is in the cards in the next days, the expert said, pointing to VET’s “bullish flag” on the daily period.

However, the cryptocurrency market is notorious for its volatility, and unforeseen events can trigger rapid price swings. While the technical indicators and analyst forecasts paint a rosy picture for VeChain, there’s no guarantee that the predicted surge will materialize.

Beyond The Hype: VeChain’s Real-World Potential

VeChain’s appeal goes beyond the recent technical triumphs and the allure of potential windfalls. Unlike many cryptocurrencies focused solely on speculation, VeChain offers a tangible solution to real-world problems. Its blockchain platform tackles inefficiencies and lack of transparency in supply chains, a multi-trillion dollar industry ripe for disruption.

VeChain’s technology allows businesses to track products throughout the entire supply chain process, ensuring authenticity, quality, and efficient logistics. This not only benefits businesses but also empowers consumers with greater transparency about the products they purchase.

VeChain’s recent surge and optimistic forecasts present an attractive opportunity for investors. However, the inherent volatility of the cryptocurrency market cannot be overstated.

Featured image from Binance Academy, chart from TradingView

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VeChain On The Edge: Insider Says VET Will Reach The Finish Line

A self-acclaimed VeChain (VET) insider has made a bold claim about the token’s price. The insider suggested that VET’s tepid price action is a strategic ploy by the team, and the token will eventually make a parabolic rise when the time comes. 

VeChain Will “Reach The Finish Line”

The self-claimed insider known as ‘VeChain Whale’ admitted in an X (formerly Twitter) post that VET’s price is slow but added that the token will “reach the finish line.” He made this statement while comparing VET to a “snail” in terms of price action. 

VeChain Whale further revealed that the team could “pump the token” if they wanted but haven’t because of fear of “regulation and other factors.” The claim about regulation looks to be related to the Securities and Exchange Commission (SEC) and the fear that the network could face regulatory scrutiny from the Commission.   

The VeChain “insider” also claimed that the team wasn’t worried about VET’s price because they were aware that “90% of tokens will vanish” after the bull run, but VeChain would still be around. That is why they are choosing to play the “snail game,” unlike the other tokens that “do whatever to gain attractions and move up in the ranking at all cost.” VeChain Whale added. 

As expected, VeChain Whale’s post attracted criticism from crypto community members who questioned when he became a VeChain insider. In response, VeChain Whale stated that he needed to prove the doubters wrong and suggested that a major announcement was coming in June, which would make those doubting him now offer an apology when the time came. 

VET’s Price Set To “Explode”

In a subsequent X post, he mentioned that the team would make many announcements in the next two months, which would cause VET’s price to “explode.” He further assured VET holders that they can expect to see a 10x increase in the token’s price by June. 

Meanwhile, crypto analyst Egrag Crypto previously provided some insights into how high VET’s price could rise when the time comes, mentioning that the crypto token could see a 140x increase in its price. However, Egrag failed to say when precisely this parabolic price surge will happen. 

Crypto analyst and YouTuber Crypto ZX also once predicted that VET was primed to enjoy significant price increases and further stated that the crypto token could hit new all-time highs (ATHs) if it succeeded in breaking certain resistance levels. 

At the time of writing, VET is trading at around $0.0455, up over 7% in the last 24 hours according to data from CoinMarketCap. 

VeChain (VET) price chart from Tradingview.com

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New Era For VeChain: Marketplace Platform Unveiled, Price Spike Looming?

In a new development, VeChain (VET) has announced the introduction of its latest No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS), fueling optimism within the community of an impendent price uptick.

The announcement also featured the collaboration of the MotoGP racing team Gresini Racing as its first enterprise client. By collaborating with Gresini Racing, an enormous fan base will be offered digital collectibles through the MaaS platform.

VeChain To Onboard A Rapid Tokenizing World

With the launch of its No-Code Tokenized Asset Marketplace (MaaS) platform, VeChain has made tremendous progress toward increasing mass adoption of blockchain technology. VeChain’s continuous goal to promote widespread blockchain technology adoption by removing technological hurdles is consistent with this user-friendly strategy.

Since its founding, VeChain has created several use cases powered by blockchain applications. These include product authentification, creating new digital communication channels, provenance and sustainability traceability, and others. This demonstrates its understanding of the tremendous potential that its technologies have for Web 3.

Given the rise in demand for tokenizing Real-World assets (RWAs) solutions, the introduction of MaaS seems appropriate. Furthermore, NFC functionality and support for “Phygitals,” or real-world physical assets with NFT/digital counterparts, will be added later in the platform. 

Specifically, this innovation was created to significantly influence the digital asset market. It aims to provide enterprise and individual builders with an “easy-to-use white-label NFT platform for digital asset sales” and transfers that require little to no programming.

MaaS applications are diverse and address the increasing need for platforms that enable asset tokenization. Blackrock‘s latest application for a Real World Asset (RWA) tokenization fund highlighted this path.  So far, the No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS) is expected to be fully operational later this year.

VET Is On A Downtrend 

Despite the launch of MaaS, VeChain (VET) is witnessing a daily downtrend of nearly 2%. However, in the weekly timeframe, the crypto asset has increased by over 5%, suggesting an upward move. 

As of the time of writing, VET was trading at $0.0440, with its market cap dropping by 2.78% in the past day. Meanwhile, its trading volume is down by about 24% in the last 24 hours.

In August 2018, during a downside trend in the cryptocurrency market, VET made its market debut. However, following the 2021 bull run, VET rose to the top, peaking at $0.281 before the cycle ended.

VeChain

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VeChain Ready For Blast-Off: Crypto Analyst Predicts VET Price To Rally 14,600%

Crypto analyst Egrag Crypto has put out an ultra-bullish price prediction for VeChain (VET), which the analyst predicts will achieve significant gains soon enough. 

VeChain To See A 140x Gain

Egrag mentioned in an X (formerly Twitter) post that the VeChain token could see a 50x or 140x gain. He further highlighted how the crypto token could achieve any of this move to the upside. Analysing the chart, he stated that a 50x move could be in play if VET sees a similar percentage increase to the one that occurred around 2019. 

Back then, VET is said to have seen a 5,892% increase. Egrag predicts that the crypto token could rise to $0.9 if this move is indeed in play. Meanwhile, for the 140x gain, the analyst claimed that this move could be in play if the market eventually witnesses a similar percentage increase to the one around 2021 when VET’s price increased by 14,638%.

Related Reading: Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural, Rally Imminent?

That was when the crypto token hit its all-time high (ATH) of $0.27. Egrag predicts that VET could rise to as high as $2 if this is the move that ends up materializing. This prediction also means that VET will likely see a new ATH in the next bull run. 

This is not the first time Egrag has offered a bullish price prediction for the VET token. Last year, the analyst predicted that VET could rise to $1.6 based on historical patterns. This prediction came after the crypto token made an impressive surge of 77%, hitting price levels unseen since May 2022. 

Big Moves Still Lie Ahead For VET

IEgrag isn’t the only analyst who has recently laid out a bullish narrative for the VeChain token. Crypto analyst and YouTuber Crypto ZX also gave an analysis where he predicted that the crypto token could hit new ATHs if it succeeded in breaking certain resistance levels. One level he highlighted then was the $0.033 mark.

The analyst had also suggested that VET was currently in a period of consolidation as it gears up for another move to the upside. On the next leg up, Crypto ZX predicted that the crypto token was going to surge above the $0.033 resistance level. The analyst further revealed that a move above that level would be vital to unlocking new highs. 

Interestingly, VeChain has since risen above that level. At the time of writing, the crypto token is trading at $0.0474, up over 5% in the last 24 hours, according to data from CoinMarketCap. 

VeChain (VET) price chart from Tradingview.com

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VeChain Ready For Blast-Off: Crypto Analyst Predicts VET Price To Rally 14,600%

Crypto analyst Egrag Crypto has put out an ultra-bullish price prediction for VeChain (VET), which the analyst predicts will achieve significant gains soon enough. 

VeChain To See A 140x Gain

Egrag mentioned in an X (formerly Twitter) post that the VeChain token could see a 50x or 140x gain. He further highlighted how the crypto token could achieve any of this move to the upside. Analysing the chart, he stated that a 50x move could be in play if VET sees a similar percentage increase to the one that occurred around 2019. 

Back then, VET is said to have seen a 5,892% increase. Egrag predicts that the crypto token could rise to $0.9 if this move is indeed in play. Meanwhile, for the 140x gain, the analyst claimed that this move could be in play if the market eventually witnesses a similar percentage increase to the one around 2021 when VET’s price increased by 14,638%.

Related Reading: Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural, Rally Imminent?

That was when the crypto token hit its all-time high (ATH) of $0.27. Egrag predicts that VET could rise to as high as $2 if this is the move that ends up materializing. This prediction also means that VET will likely see a new ATH in the next bull run. 

This is not the first time Egrag has offered a bullish price prediction for the VET token. Last year, the analyst predicted that VET could rise to $1.6 based on historical patterns. This prediction came after the crypto token made an impressive surge of 77%, hitting price levels unseen since May 2022. 

Big Moves Still Lie Ahead For VET

IEgrag isn’t the only analyst who has recently laid out a bullish narrative for the VeChain token. Crypto analyst and YouTuber Crypto ZX also gave an analysis where he predicted that the crypto token could hit new ATHs if it succeeded in breaking certain resistance levels. One level he highlighted then was the $0.033 mark.

The analyst had also suggested that VET was currently in a period of consolidation as it gears up for another move to the upside. On the next leg up, Crypto ZX predicted that the crypto token was going to surge above the $0.033 resistance level. The analyst further revealed that a move above that level would be vital to unlocking new highs. 

Interestingly, VeChain has since risen above that level. At the time of writing, the crypto token is trading at $0.0474, up over 5% in the last 24 hours, according to data from CoinMarketCap. 

VeChain (VET) price chart from Tradingview.com

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VeChain Rules Top 100 Crypto List With 67% Rally Ahead Of Major Announcement

VeChain (VET), a blockchain platform focused on supply chain management and enterprise solutions, is experiencing a surge in price and trading volume, fueled by bullish predictions and anticipation of a major announcement related to environmental sustainability.

Over the past 24 hours, VET has jumped an impressive 12%, currently trading at $0.047. This follows a remarkable week where the altcoin gained a solid 67%, defying the recent lull in the broader cryptocurrency market. Notably, trading volume has skyrocketed by a staggering 155%, reaching over $135 million within the same period.

VeChain: Technical Breakout And Price Target

Crypto analyst Ali Martinez has garnered attention with his technical analysis, suggesting that VET is nearing the end of its consolidation phase. Martinez, referencing historical price patterns, predicts a breakout to the $0.05 region this week. If his prediction holds true, this would represent a further increase of 36% from the current price.

Martinez’s analysis draws parallels to VET’s 2021 bull run, preceded by a 595-day consolidation period. He posits that a similar trajectory could unfold this year, with a potential first target of $0.054, a level not seen since February 2022. This would translate to a remarkable 56% gain from the current price.

Impending Announcement Fuels Speculation

Adding to the bullish sentiment is the anticipation of a significant announcement from VeChain. Industry insiders hint at the company’s plans to unveil initiatives leveraging blockchain technology to address environmental challenges. The potential for blockchain to promote sustainable practices and create interconnected ecosystems that reward eco-conscious behavior is resonating with investors.

This strategic direction aligns with VeChain’s core values of sustainability and transparency, potentially attracting new investors and partnerships focused on environmental solutions. The announcement’s specifics remain undisclosed, but the buzz has undoubtedly contributed to the recent price surge.

Community Anticipates Price Explosion, Analyst Cautions

VeChain’s strong community is particularly optimistic, with some predicting a price of $0.7 by November 2024. This ambitious target represents a staggering 1,921% increase from the current price. While the potential for growth is undeniable, it’s crucial to approach such predictions with caution.

Martinez acknowledges the bullish sentiment but warns of a potential short-term correction in June before the anticipated upward rally. He emphasizes the inherent volatility of the cryptocurrency market, reminding investors to conduct thorough research and adopt a risk-management approach before making any investment decisions.

Meanwhile, VeChain’s recent price surge and upcoming announcement have ignited excitement within the cryptocurrency community. While technical analysis suggests a potential breakout and ambitious price targets are circulating, it’s essential to remember the inherent volatility of the market and exercise caution.

Featured image from Adobe Stock, chart from TradingView

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Can VeChain Reach New Heights? Analyst Predicts Potential Bull Run

Bitcoin’s bullish momentum has fueled the crypto market to an upward trend. As the flagship cryptocurrency rises to the $52,000 level, several other cryptocurrencies follow its steps closely and exhibit signals of a possible bull run.

Accordingly, a renowned crypto analyst has predicted a potential bull run for VeChain (VET) that could lead the token to a new all-time high (ATH).

Will VeChain Repeat History?

Crypto analyst Ali Martinez has shared his prediction for VET this week. The analyst believes history could repeat itself, and the cryptocurrency may see its biggest week in years.

According to Martinez, VET seems to be repeating historical patterns that preceded the 2021 bull run and saw the token’s price rise to its all-time high price. In the X (former Twitter) post, the crypto analyst predicted that VET could surge to the $0.054 price range, a level it has not reached since April 2022.

The chart below shows the 595-day consolidation period that preceded the 2021 bull run. The cryptocurrency moved sideways during this period before eventually breaking out and reaching its ATH of $0.281.

Similarly, the chart indicates the current 644-day consolidation period in 2022. If history repeats this week, Martinez believes VET’s pattern could follow the 2021 trend and drive the token’s price upwards to $0.054. The analyst also predicted a potential price correction that would last until June.

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

VET Price Action

As previously reported, VET’s price broke above a significant resistance level in December 2023 before suffering a pullback. In January 2024, the cryptocurrency faced another rejection following an attempt to break out of the same $0.03 price resistance.

Following the recent Bitcoin rally, VET has been tracking its movements, mirroring a trend similar to that of the flagship cryptocurrency, as the chart below shows.

At writing time, VET is trading at $0.04625, a 5.1% surge in the last hour and a 32.3% surge in the previous 24 hours. According to CoinGecko data, cryptocurrency takes the 34th spot in market capitalization.

VeChain has a daily trading volume of $195 million, representing a 68.5% increase in one day. These metrics suggest a rise in market activity for the cryptocurrency and hint at a positive sentiment among investors.

However, despite Martinez’s prediction, VET’s price has a long road ahead as it is still 85.33% lower than the all-time high price achieved three years ago.

VET, Vechain, Crypto

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VeChain Ready For Big Moves: Analyst Identifies Key Factors That Will Drive VET To New ATH

Crypto analyst and YouTuber, Crypto ZX has released an update on VeChain (VET) price movements, predicting a surge to new all-time highs if the cryptocurrency succeeds in breaking certain resistance levels. 

Catalysts Behind VET’s Projected Price Surge

In a YouTube video released on Monday, Crypto ZX explored VeChain’s historical and recent price actions, emphasizing a potential for an upward trajectory as market down trends subside. The analyst delved into VeChain’s recent performance in relation to Bitcoin, offering insights into key resistance levels and projecting a major surge during the anticipated 2024 bull run. 

According to the Crypto ZX, VeChain previously broke above a significant price resistance on December 20, 2023, reaching almost $0.039 before undergoing a subsequent pullback. Despite an attempt to breach the same price resistance on January 11, 2024, the cryptocurrency faced a notable rejection. 

Crypto ZX has suggested that VeChain may be consolidating around the $0.03 price range. Nonetheless, the cryptocurrency’s expected goal is to experience a surge beyond the crucial resistance level at $0.033 cents. 

The analyst has revealed that a break above the resistance level would give VeChain a greater chance to surge to new highs. He predicts that if VeChain can overcome current resistance levels, then the price of the cryptocurrency could rise as high as $0.04425 cents.

Crypto ZX explains that the market’s recent downturn has led to VeChain’s fluctuating price movement along the support line. He anticipates a retracement of around 17.26% from the key resistance level and predicts that VeChain could surge to new yearly highs if Bitcoin succeeds in surpassing the crucial levels at $46,000.

“At the end of the day all are speculations, but I am very optimistic about the price of VeChain for the year 2024. I think it is going to shock a lot of people,” Crypto ZX stated. 

VeChain Price Update

In his YouTube video, Crypto ZX provided an update on VeChain’s recent price movements and current value. According to the analyst, VeChain is down about 2.3% on the daily time frame. He reveals that the majority of the market is also down currently due to Bitcoin’s recent pullback.

At the time of writing, VeChain is trading at $0.027, reflecting a decrease of 1.51% in the past 7 days, according to CoinMarketCap. The analyst revealed that the cryptocurrency is also down by 1.9% in BTC, compared with the market capitalization, which is holding very strong above the $2 billion mark. 

Crypto ZX has disclosed that despite the traction gained by VeChain’s ongoing projects and developments, the cryptocurrency has not reflected the impact. He emphasized that VeChain is undervalued, considering the overall expansion and advancements the cryptocurrency has undergone.

VeChain VET price chart from Tradingview.com

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VeChain Skyrockets By 77% To Reach New Yearly High, Analyst Bullish On VET Targeting $1.6

In a remarkable display of bullish movement, the smart contract blockchain VeChain,  and its native token VET have emerged as significant players in the altcoin rally, experiencing an impressive surge of 77% since the end of November.

Over the past seven days, VET has recorded a substantial 33.5% increase, with an additional 5.4% surge in the past 24 hours, propelling the token to reach a new yearly high of $0.03806, a level unseen since May 2022.

This surge in VET’s value has generated substantial excitement among crypto analysts, who predict promising days and months for the token, noting a clear bullish momentum across various time frames. 

VeChain Potential Breakthrough 

Rekt Capital, a renowned crypto analyst, highlights the progress VeChain has made in closing the “Volume Gap” between $0.01728 and $0.02694. 

Rekt Capital suggests that VeChain is now primed to test the resistance wall between $0.0500 and $0.0600. This analysis indicates that VeChain’s momentum is strong and positions the token for potential further growth.

VeChain

However, while the bullish prospects for VET appear promising, significant resistance lines must be overcome to achieve further gains. 

In the event of a continuation of the VET rally above $0.0600, the token will face resistance walls at $0.06170 and $0.06450 before reaching the $0.0700 level on its path towards the coveted $1 mark.

VET’s Potential Surge To $1.6 Based On Historical Patterns

In addition to Rekt Capital’s analysis, Egrag Crypto, another respected crypto analyst, offers an optimistic outlook for VeChain’s future. 

Egrag Crypto believes that VeChain has the potential to reach an impressive target of $1.6. To support this projection, Egrag Crypto examines VeChain’s previous price movements and identifies patterns that indicate the potential for significant growth. 

VeChain

By analyzing a similar move ‘A’ from VeChain’s launch point at around $0.90, which resulted in a threefold increase from the previous all-time high, Egrag Crypto suggests that VeChain could replicate a similar move, leading to a surge towards the $1.6 mark or even Fib 1.618.

Egrag Crypto’s analysis aligns with VeChain’s historical performance and reinforces the notion that the token has the potential for substantial growth. 

With VeChain’s previous all-time high standing at $0.27, achieving the projected $1.6 mark would require a relatively modest 6X surge. Egrag Crypto’s analysis suggests that VeChain could easily experience a 50X to 100X climb from its bottom, presenting an enticing opportunity for investors and traders.

VeChain

The future trajectory of VET’s uptrend remains uncertain, as it faces the possibility of a correction. The potential risk lies in gainers selling off their tokens, which could jeopardize the bullish momentum of the token. 

However, the analyses provided by both Egrag and Rekt indicate that VET is well-positioned to reach and even surpass its previous all-time high.

Featured image from Shutterstock, chart from TradingView.com

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VeChain (VET) Set To Explode: Analyst Predicts 7,500% Rally To $2.3

Popular crypto analyst EGRAG just predicted a massive 7,500% rally that will send VET soaring to $2.3. VeChain (VET) is currently trading at $0.02945, but according to this analyst, the crypto is set for a price growth that would send it on a price growth into three sequential price targets.  

EGRAG Predicts VET To Hit $2.3

VET’s price has had its ups and downs this year, reflecting the general market volatility of crypto assets this year. The crypto went on a price spike very early in the year, going on a 101% growth in the first two months from its 2023 open of $0.01579 to reach $0.03186 in February. The crypto would then go on a price decline over the next few months to a 2023 low of $0.01477.

However, things started to change in October as the entire crypto industry changed into a bullish sentiment. VET is now up 80% from its October bottom, and according to EGRAG, the growth is set to continue in the coming months.

In a recent post on social media platform X, EGRAG wrote “VET will unlock ur financial chains,” along with three bullish targets for the coming year. A look through the price chart shared shows sequential targets of $0.11642, $1.05737, and $2.3. These targets represent a respective 295%, 3490%, and 7,500% rise from the current price.

As indicated on the price chart shared by EGRAG, VET has primarily traded in a downward range, creating lower highs and lower lows since its all-time high in 2021. The crypto broke out of this range in October and has formed five bullish candles on the three-week timeframe. 

Using the Fibonacci indicator and the 2023 bottom as a starting point, the analyst drew a mirror of VET’s ascent from the 2020 bottom to its all-time high in 2021. Based on this, EGRAG noted VET is poised to potentially rally over the next few months into 2024. If history repeats itself, we could potentially see VET break past its current all-time high of $0.28 before the second price target.

What’s Next For VeChain (VET)?

VET is VeChain’s native token, a blockchain network looking to streamline supply chain management with distributed ledger technology. Several crypto experts have weighed in with predictions on how high VET’s price can go in the next bull market.

According to Ali Martinez, VET is set for a 150% price gain in the next six weeks. The analyst noted that VET is currently mirroring the 2018-2020 consolidation phase. If history repeats itself, VET could break through the $0.033 resistance barrier within the next two weeks and ultimately reach $0.077 in January.

Featured image from iStock

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Here Are The Top 3 Chinese Coins To Buy As China Leads The Bull Run

As June 1 draws closer and the Hong Kong and Chinese investors look forward to legally trading cryptocurrencies once more, the market has already turned bullish. So far, Chinese coins have led the pack when it comes to gains, so here are three of the most popular Chinese tokens likely to rally if the bullish trend continues.

Neo (NEO)

Neo (NEO) has long been a favorite of Chinese investors and is often fondly referred to as the “Chinese Ethereum.” The cryptocurrency is one of the leading coins from the region so it is no surprise to see that it has moved back into the spotlight as retail traders are set to begin trading cryptocurrencies in Hong Kong on June 1.

The past week has already been profitable for its investors with 13.95% gains already recorded on the weekly chart. In the past day as well, the digital asset has seen gains of 3.34%, but there is still a lot of ground to cover before trading goes live. So NEO could present as a good choice for investors looking to take advantage of the new bull rally being led by Chinese investors.

NEO price chart from TradingView.com (China Chinese coins)

Conflux (CFX)

Conflux (CFX) is one of the top Chinese coins for investors to keep an eye on during this time. Conflux is a blockchain company based in China and its native token CFX has seen much success this year. However, the drawdown in the price of the coin in the last month has not deterred investors and as the Chinese narrative gains ground, the token has grown as well.

Just like NEO, the last week has been a good one for CFX whose price has risen 9.96% to bring its price above $0.32 once more. The coin’s trading volume also crossed $117 million in a 24-hour period, indicating that investors are always investing in this token ahead of the anticipated June 1 date.

VeChain (VET)

VeChain (VET) is one of the oldest blockchains in the space which was founded in 2015, the same year as Ethereum. And although VeChain hasn’t grown as much as Ethereum, it hasn’t been stagnant either and has become one of the foremost Chinese coins, making it a perfect candidate for those looking to take advantage of the present narrative.

Although VET hasn’t performed as well as the others on this list, it is up nonetheless with 5.58% gains in the last week. It is also seeing a modest upside of 1.67% on the 24-hour chart, but the promise of more gains remains vast as the last two days leading up to June 1 could see these coins heat up very fast. If the trend continues, then VET could be looking at breaking the $0.03 resistance before the week is over.

China And Crypto

China banned cryptocurrencies in 2021 when the price of Bitcoin had rallied to $60,000. This move triggered a crash in the market, from which Bitcoin recovered not too long after, but it left Chinese investors unable to adequately participate in a market that they had previously dominated. That is, until now that Hong Kong has made a move.

The country passed a new law that would allow crypto exchanges to offer services to investors, making it possible for them to participate in the market once more. This gives investors in China an avenue to trade cryptocurrencies without being worried about breaking the law.

It is set to go into effect on June 1, less than three days from now. As this date draws closer, a study by Forex Suggest has shown that Hong Kong is the most crypto-ready country in the world. However, it remains to see how this event will play out in the crypto market.

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VET Price Retraces, But Sellers Should Short At These Levels

The price momentum of VeChain (VET) registered a halt over the last 24 hours after the altcoin started to trade laterally. In the same time frame, the coin dipped 0.9%, which is minor meaning that VeChain was in consolidation.

The coin had picked up bullish momentum at the beginning of this year, but the bears could not sustain the price above the $0.021 mark. The technical outlook of VeChain still points towards bullishness. The altcoin was overvalued at the time of writing, which emphasizes that a price correction is on the way.

A price correction also presents a shorting opportunity for traders. The accumulation on the chart also noted a downtick, but despite the downtick, demand for VET was substantial. However, VET will soon lose its current price level if buyers continue to lose interest.

At the moment, VeChain has secured the $0.019 price level as its current support mark. Moving below the price above the mark will make VeChain come under the influence of bears again. The VET price is 92% lower than its all-time high secured in 2021.

VET Price Analysis: One-Day Chart

VET

VeChain was trading at $0.0207 at the time of writing. The altcoin was trading within an upward parallel channel, which showed bullishness. However, VET traded outside the parallel chain over the past trading sessions.

As the coin moved outside of the parallel chain, the bulls failed to cross the $0.0212 price level, which acts as the current resistance price level for the coin. Local support for the coin stood at $0.020, and as VeChain depicted a correction, it is expected to fall below the $0.0193 level.

Both the $0.020 and the $0.0193 price levels can act as shorting levels for the coin. The amount of VeChain traded in the last session declined, which meant a slight fall in demand.

Technical Analysis

VET

The altcoin was overvalued on the daily chart, and although demand for the coin registered a fall, the bulls were still hovering in the market. The Relative Strength Index was a few points below 80, indicating that the coin was under the influence of buyers.

With a price correction, VET can dip to $0.0193 before it starts to pick up momentum. On the same note, the VET price was above the 20-Simple Moving Average line (SMA), which meant that buyers were driving the price momentum in the market.

It was also above the 50-SMA line (yellow); however, another pull from the bears will drag VET below the 50-SMA line.

VET

Technical indicators continued to suggest that VET hasn’t lost its bullish steam. The Moving Average Convergence Divergence, which indicates price momentum and reversals, showed green signal bars.

Green signal bars are tied to a buy signal, but the recent bar was declining in strength, implying that traders should skip buying the asset right away. The Chaikin Money Flow was above the half-line and registered a fall; the capital inflows were far higher than capital outflows despite the fall.

Overall, the market remains on the bulls’ side, but VET has to stay above its crucial support line to keep the bears from returning.

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VeChain Jumps By 4% As VET Investors Look To Profit Before Christmas

VeChain has seen a price pump of 4% or currently trading at $0.0161 in the last 24 hours, triggered by the increase in VET demand, data from Coingecko shows.

With this scenario, if the buying pressure persists, VET could sprint towards its resistance level and supply zone at the 100% Fibonacci level found at $0.01967. 

  • VeChain investors could profit at $0.01778
  • A breach slicing below the $0.0156 mark can further invalidate the bullish streak of VET
  • VET showing price recovery at $0.01583 

VeChain has recently launched its upgrade PoA 2.0 and its Relative Strength Index (RSI) has shown an intense uptick after its breakaway from the oversold zone. This goes to show how the buying pressure has magnified over time.

VeChain: On Fraud And High Gas Fees

According to Analytics Insight, “VeChain (VET) was first conceived of by Sunny Lu, the former CTO of Louis Vuitton, someone who knows first-hand about the problems involved in tracking and proving genuine vs counterfeit goods.”

As such, VeChain is known to be a first-of-its-kind layer 1 blockchain that aims to bring to the table innovative solutions to ultimately solve real-world problems such as the high transaction fees and counterfeiting which is deemed to be extremely beneficial for enabling friction-less transaction and also for the hassle-free minting of NFTs.

VET’s On-Balance Volume (OBV) has also recorded an uptick which demonstrates the spike in trading volume and buying pressure.

In the event that this trend lingers on, VeChain could eventually reach its profit target at $0.01968. Investors are optimistic to take in profits just before Christmas.

Risk-Averse Investors To Rake In Profit?

But, this won’t be a walk in the park for VeChain considering that the bulls will have to barrel past resistance barriers along the way. In this case, risk-averse investors will resort to lock in their profit at the $0.01776 resistance zone.

This means a breach below $0.01564 would invalidate any bullish streak and could toss VeChain back into the new support zone found at $0.01470.

VET has also seemed to have noted a remarkable rise in development activity since middle of this month. This goes to show that developers have their full trust on VeChain’s future innovations.

Although the price of VET has fluctuated in response to changes in development activity in the past, the most recent increase does not represent this trend because the price fell as development activity grew.

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3 Top Altcoins That Defy The Market Retracement- REEF, LINK, VET

  •  LINK’s price holds strong as price eyes a rally to $12 after breaking out of its long-range accumulation zone.
  •  REEF’s price continues to trend above key support as price broke out of its downtrend with eyes set for $0.01. 
  • VET’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

Previous weeks saw the price of most altcoins trend higher this has put these 3 top altcoins in the spotlight, considering how the crypto market has been fairing after the market saw its price decline with the price of Bitcoin (BTC) and Ethereum (ETH) not looking too good as the week has continued to look unprecedented with the current market looking choked with the current issue between Binance and FTX creating a fear of uncertainty and doubt for most traders and investors. (Data from Binance)

3 Top Altcoins – Chainlink (LINK) Price Analysis On The Daily Chart

Daily LINK Price Chart | Source: LINKUSDT On Tradingview.com

The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of Ethereum (ETH) and Bitcoin (BTC) suffering a minor price retracement back to a region of $1,540 and $19,600 respectively. Still, the price of LINK has continued to show strength after breaking out successfully from its downtrend. With the current outlook of LINK, the price of LINK could rally to a region of $12 as things have continued to look strong for LINK’s price.

After having a weekly close above $8, the price of LINK has looked more decent, as the price aims to create more bullish signs that have attracted so much attention in the past few days. 

Weekly resistance for the price of LINK – $9.2.

Weekly support for the price of LINK – $8.

Price Analysis Of REEF Protocol On The Daily (1D) Chart

Daily REEF Price Chart | Source: REEFUSDT On Tradingview.com

The REEF price remains strong in the daily timeframe as it holds above its critical support at $0.0055, rallying from its daily downtrend and breaking above with good volume.

REEF’s price needs to hold above its $0.005 value, which corresponds to the 50 EMA holding the price of REEF from sell-off, considering how uncertain the market has become of late.

The price of REEF trades at $0.0055 after rejection from a daily high of $0.006 as the price tried to break above this region. 

Daily resistance for the REEF price – $0.0065.

Daily support for the REEF price – $0.0051.

3 Top Altcoins- Price Analysis Of Vechain (VET) On The Daily (1D) Chart

The VET price remains strong in the daily timeframe as it holds above its critical support at $0.025 after rallying from a daily low of $0.02, but the price faced resistance to breaking higher in price to a region of $0.03.

The price of VET needs to hold above $0.025 to have more chances of trending higher to a region of $0.03.

Featured Image From zipmex, Charts From Tradingview 

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VeChain (VET) Climbs 10% In Last 7 Days – What’s Going On?

The VeChain (VET) price has been able to build on its bullish momentum over the past week and is currently bucking the current market trend.

As Bitcoinist reported, the entire crypto market is currently facing a major fear of a contagion effect triggered by the perceived troubles of the US exchange FTX.

Within the top 100 by market cap, there are currently only a handful of altcoins besides VeChain, including Chainlink (LINK) and Toncoin (TON), that are showing price gains within the last 24 hours despite the turmoil. VET is thus showing its fundamental strength for the moment.

Within the last 24 hours, the price has risen by around 3%. Over the last seven days, there is even a gain of 10%. At the time of writing, VET was trading at $0.02610.

Over the last 24 hours, VET’s trading volume was $274 million, up 228% from the previous day. At the current level, the VeChain price is facing major resistance. For the moment, VET was rejected at the 200-day simple moving average (SMA) in the 1-day-chart, while maintaining its stance above the 100-day SMA.

The MACD indicator is also showing bullish signs. The MACD (Moving Average Convergence/Divergence) is a momentum indicator that shows the relationship between two moving averages of the price of a security. VET investors should therefore keep an eye on the indicator for any trend changes.

The RSI is neutral. The next big levels for VET are residing at the $0.035 and $0.043 mark.

VET USD VeChain

VeChain (VET) showing strength amid market turmoil in the 1-day-chart. Source: TradingView

What Is Fueling the VeChain (VET) Rally?

In addition to numerous partnerships that have been made public in recent weeks, VeChain is looking ahead to an extremely important event. The announcement for this took place yesterday.

The VeChain Foundation said the final phase of Proof of Authority 2.0 (POA2.0), the integration of finality with VIP-220, with block height 13,815,000, is expected to go live on Nov. 17, 8:10 a.m. UTC+0.

Key advances will include resolving the trade-off between the Nakamoto and Byzantine fault tolerance consensus, significant security improvements, data quality guarantees with finality, and enabling global sustainability goals, according to the VeChain Foundation.

This release enables the hard fork called Finality on the mainnet. It implements the VIP-220 finality with one bit (FOB), which allows nodes to check the finality of blocks.

Via Twitter, the foundation stated:

With this implementation, #VeChain takes a big leap towards our goal of facilitating global #MassAdoption of our #blockchain technologies, our objectives to become the de-facto platform for #Sustainability & spearhead economic #DigitalTransformation.

For VET holders, the hard fork on November 17 will basically be without impact. However, exchanges may temporarily suspend trade, deposits and withdrawals around the date and time of the upgrade.

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VeChain Notches 10% Weekly Gains – Time For Investors To Bet On VET?

VeChain is now undergoing some promising developments, as would any blockchain-based endeavor. The official VeChain Twitter account stated that things became rough in October, but that the team is happy with the progress made so far on the VeChain network.

Vechain.energy aims to connect the web2 and web3 communities. Developers recently stated on Medium that the bridge “felt complete, bumpy but complete” in the month of October.

While the most up-to-date information can be found in the blog post, a snapshot connected to their Twitter tweet demonstrates the project’s steady development. This is hopeful news for the project.

However, there is always a unique cryptocurrency that is released alongside a new crypto project. The value of VET, VeChain’s native currency, has increased dramatically after the crypto market meltdown this year. There was a 10% weekly gain, based on figures by CoinGecko, Wednesday.

The only remaining question is whether or not VET will maintain its upward trajectory.

VET Rally Could Just Be Temporary

While encouraging developments on VeChain contributed to its price increase, it should be noted that the majority of the top 30 cryptocurrencies are also seeing price increases.

However, VET’s rally may be temporary. Based on previous and present price fluctuations, flag and pole patterns have formed. This is the third consecutive break of a bearish pattern, which will exert downward pressure on the token.

Image: TradingView

Market capitalization is where growth can be observed. According to LunarCrush, VET’s market capitalization increased by over 8%. This expansion is counterbalanced, however, by a decline in TVL of approximately 2%.

Additionally, the coin has contradictory RSI, Stoch RSI, and CMF values, with bullish RSI and CMF values and bearish Stoch RSI values.

What Are The Bearish Trends For VET?

All of these bearish chart changes are backed by the approaching bearish convergence with the EMA Ribbon. This can be a significant issue for VET, as it can result in a bearish break on the current flag and pole structure.

A bearish breach of the current trading pattern might send the price of VET down toward the 100 Fibonacci retracement levels.

Therefore, potential VET investors should be wary about taking long positions and might consider utilizing the negative Stoch RSI value and going short at the current market price.

VET market cap at $1.70 billion on the daily chart | Featured image from Zipmex, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.