Analysts foresee VeChain (VET) surpassing its enduring resistance threshold of $0.7, anticipating a potential surge of 150 percent.
Esteemed cryptocurrency analyst Ali Martinez has put forth a new forecast involving two well-known altcoins and a less-recognized asset. According to Martinez's analysis, 2024 holds promise for the entire cryptocurrency market, with VeChain (VET), a blockchain platform for supply-chain management, potentially reaping the benefits. Martinez suggests that VET is mirroring the consolidation pattern observed from 2018 to 2020, indicating the potential for a substantial bull run to surpass its enduring resistance level of $0.70. In the near term, VET appears poised to overcome its immediate resistance at $0.033.
VeChain 1W Chart | Ali Charts
EGRAG, a prominent chartist, has recently outlined bold predictions for VeChain (VET) extending into 2024. The analyst emphasized VET's prolonged downtrend pattern, drawing parallels with the trajectory that led to its peak in 2021. Reflecting this emerging trend, EGRAG delineated three notable price targets for investors to monitor closely.
The initial target proposed by the analyst suggests a potential price of $0.11642, with the anticipation of achieving this milestone in 2024. Going further, EGRAG envisions an exceedingly optimistic scenario for VET in 2024, projecting substantial growth of 800%, which could propel the token's value to $1.05737.
Significantly, the third and most ambitious target value presented by EGRAG is an impressive $2.3, implying an explosive yield exceeding 7,700%. These projections offer a compelling perspective on the potential future trajectory of VeChain, capturing the attention of both crypto enthusiasts and investors.
Article Photo by Denise Chan on Unsplash
*Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.