VeChain Skyrockets By 77% To Reach New Yearly High, Analyst Bullish On VET Targeting $1.6
December 25 2023 - 5:00PM
NEWSBTC
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. Related Reading: Why Did The XRP
Price Surge To $0.64 Today? 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. 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. Related Reading: Shiba Inu Climbs 12% On Christmas Day
– Brewing Bull Run Or False Dawn? 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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