Tech

VET to $2.30? Top Analysts Reiterate Bullish Vechain Price

3 months ago
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VeChain (VET) has been defying overall crypto market trends with exceptionally bullish price action over the past week. Surging over 70% to reach highs not seen since 2021, analysts believe there is ample room for further upside.

TLDR

  • VeChain (VET) has seen significant price growth recently, gaining over 70% in the last week. Analysts believe there is more upside potential.
  • Prominent analyst EGRAG maintains his very bullish long-term forecast for VET to reach up to $2.30, a 5,186% increase from current levels. This requires closing the week above $0.04318.
  • Analyst Ali Martinez also sees potential for VET to reach $0.70 by November 2024, a 1,480% rally within 10 months. This would surpass VET’s previous all-time high.
  • Martinez points to historical similarities in VET’s price chart and patterns before previous bull runs, suggesting history could repeat.
  • Beyond price speculation, VeChain brings real-world value through supply chain tracking partnerships with Walmart, PwC and more – providing transparency, efficiency and sustainability benefits.

EGRAG, a prominent crypto analyst, maintains his lofty long-term outlook for VET established last December.

His targets envision VET reaching between $0.68 and $2.30 eventually, representing staggering gains between 1,500% to over 5,000% from current prices. EGRAG does caution that VET must first close the current week above $0.043 to begin validating his outlook.

Fellow analyst Ali Martinez echoes bullish sentiments on VET’s prospects. He points to striking similarities between VET’s multi-year accumulation pattern preceding the 2021 bull market and its current price action since 2022.

With VET appearing poised to exit this consolidation phase, Martinez forecasts history repeating itself.

Specifically, Martinez predicted last week that VET would soon breach the $0.05 level. This materialized within days as VET briefly peaked around $0.051 before retracing slightly. Buoyed by this accuracy, Martinez now sets his sights on $0.07 by November 2024 —a 1,480% surge within 10 months that would constitute new all-time highs. He does anticipate a brief pullback by June before VET embarks on this parabolic ascent.

At first glance, gains of over 1,000% within a year seem ambitious. However, VET has proven its ability to produce multi-thousand percent returns during bull markets. From March 2020 lows, VET climbed over 17,000% to reach highs of $0.28 last year.

Its recent price activity shows VET outpacing the broader crypto market. With analysts pointing to clear historical precedent of similar consolidations erupting into parabolic advances, there is a distinctly probable chance for VET to massively outperform once again.

Vet Vechain Price
Vet Vechain Price in last 7 days, Source: Coingecko

Of course, as with any cryptocurrency, massive upside potential does not come without risks. VET remains highly volatile and influenced by variables like Bitcoin’s price swings.

The path to $0.07 will unlikely be linear and smooth. The crypto market could unveil unforeseen events that alter analyst projections. As usual, responsible portfolio allocation and risk management remain key.

Ultimately, detached from the noise and speculation of the crypto market, VeChain’s real-world value lies in its expanding array of enterprise partnerships and applications.

By bringing trust and transparency to global supply chains, VeChain unlocks benefits like sustainability, ethics, anti-counterfeiting assurance and optimized logistics flows.

Source: https://blockonomi.com/vet-to-2-30-top-analysts-reiterate-bullish-vechain-price/