Tech

A 600% VeChain (VET) Price Explosion Could Be Brewing Based on This Analysis

9 months ago
Bitcoin Ethereum News

VeChain’s VET token has long sat in the shadows of the crypto top 50 by market cap, failing to garner price gains on par with adoption and partnerships. But fresh analysis suggests that could change in 2024, with analysts targeting upside exceeding 600% from current levels near 3 cents.

TLDR

  • VeChain (VET) has broken out of a long-term descending triangle formation, signaling potential for future growth
  • Analyst EGRAG CRYPTO has price targets of $0.06, $0.11, and $1.5 for VET based on this technical breakout
  • VET recently gained a partnership with Walmart China, recording over 200 million transactions so far
  • Another analyst, Captain Faibik, sees a potential 600%+ breakout ahead for VET up to around $0.21
  • Captain Faibik’s prediction aligns with broader optimism about crypto markets continuing to grow in 2024

VET currently trades around $0.031, up about 5% in the past day. But optimistically-slanted technical analysis indicates far more room to run as the asset breaks free from restrictive multi-year patterns.

Top trader EGRAG highlighted VET escaping a brutal 850-day descending triangle, forming a triple bottom that repositions the asset for a push to major resistance levels. Those span from $0.06 up to VET’s all-time high near $0.28. Most eye-catchingly, EGRAG sees potential for VET to eventually reach $1.5.

 

EGRAG isn’t alone in spying a pending VET breakout. Analyst Captain Faibik employs a “macro” perspective across multi-month frames and also spots opportunity. His analysis flags VET trading in a defined range between $0.034 and $0.011 since May 2022.

After several failed breakout attempts, Captain Faibik anticipates VET can finally surge through resistance. That projects a 600%+ move up to $0.21 in VET’s next growth wave. While less ambitious than EGRAG’s outlook, it would still mark a return to 2021’s all-time highs above $0.25.

Partnerships Support Bull Thesis for Blockchain Leader

As blockchain’s leading enterprise solution, one would expect VET’s usage metrics to far outpace lackluster price action. However, 2024 could be the year where VET ownership becomes more properly aligned with real-world adoption.

VeChain provides blockchain services spanning supply chain tracking, IoT connectivity, authentication, and beyond to major global brands. Standout recent collaborations include working with PwC and Walmart China.

The Walmart China arrangement continues yielding fruit, with VET-based tracking facilitating over 200 million product transactions on the retail giant’s network. With partnerships like these extending globally, right-sizing VET’s valuation makes imminent sense.

Broader Tailwinds Can Supercharge Price Activity

Of course, VeChain won’t surge solely based on tokenomics adjustments. The broader crypto landscape provides essential fuel for price spikes.

On that front, Captain Faibik intentionally hits the recent VET targets alongside his bullish outlook. Positive momentum should continue industry-wide, he argues, making 2024 ripe for assets to play catch up after rocky market conditions dating back to 2021.

Vechain VET Price
Vechain VET Price, Source: Coingecko

With eyes onBURST above multi-year resistance zones, both EGRAG and Captain Faibik see this narrative intersecting perfectly with a network like VeChain. As adoption metrics tick higher, the stage looks set for an investor base hungry for undervalued altcoins to gravitate toward VET.

If even a fraction of the projected upside arrives over the coming years, VET could suddenly transform to one of crypto’s breakout stars after years of lagging its adoption curve.

Source: https://blockonomi.com/a-600-vechain-vet-price-explosion-could-be-brewing-based-on-this-analysis/