In a notable display of bullish moves, smart contract blockchain VeChain and its native token VET have emerged as major players in the altcoin rally. impressive increase of 77% since the end of November.
Over the past seven days, VET has registered a substantial increase of 33.5%, with an additional 5.4% increase in the past 24 hours, pushing the token to new levels. annually high of $0.03806, a level not seen since May 2022.
This rise in the value of VET has created significant excitement among crypto analysts, who predict promising days and months for the token and note clear bullish momentum over various time frames.
Potential breakthrough of VeChain
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 ready to test the resistance wall between $0.0500 and $0.0600. This analysis indicates that VeChain’s momentum is strong and signals potential further growth.
Although the positive prospects for VET seem promising, they are significant resistance lines must be overcome to achieve further gains.
In case of a continuation of the VET rally above USD 0.0600, the token will encounter resistance walls at USD 0.06170 and USD 0.06450 before reaching the USD 0.0700 level on its way to the coveted USD 1 mark.
Potential increase in VET to $1.6 based on historical patterns
In addition to Rekt Capital’s analysis, Egrag Crypto, another respected crypto analyst, offers a optimistic prospects for the future of VeChain.
Egrag Crypto believes VeChain has the potential to reach an impressive target of $1.6. To support this projection, Egrag Crypto examines VeChain’s past price movements and identifies patterns that indicate the potential for significant growth.
Analyzing a similar move ‘A’ from VeChain’s launch point 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 an increase would lead. towards the $1.6 mark or even Fib 1.618.
Egrag Crypto’s analysis is consistent with VeChain’s historical performance and reinforces the idea that the token has the potential for substantial growth.
With the previous one from VeChain highest ever If the price is at $0.27, reaching the expected $1.6 mark would require a relatively modest increase of six times. Egrag Crypto’s analysis suggests that VeChain could easily see a 50x to 100x rise from the bottom, presenting a tempting opportunity for investors and traders.
The future trajectory of the upward trend in vocational education remains uncertain as a correction is possible. The potential risk lies in winners selling their tokens, which could jeopardize the token’s bullish momentum.
However, both Egrag and Rekt’s analyzes indicate that VET is well positioned to reach and even surpass the previous all-time high.
Featured image from Shutterstock, chart from TradingView.com
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