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.
VET shows strength at $0.02 | Source: VETUSDT On Tradingview.com
Featured image from Facts.net, chart from Tradingview.com
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Source: https://www.newsbtc.com/altcoin/vechain-vet-to-new-ath/