VeChain (VET) Set to Break All-Time High with Explosive 1,921% Growth Forecast

VeChain (VET) might break a new all-time high this season, targeting a 1,921% rally, according to a prominent analyst, who presented a possible timeline.

VeChain (VET) has been a prime beneficiary of the ongoing Bitcoin-led crypto market rally, registering 11% gains within 24 hours alone. Moreover, VET has surged from a low of $0.02781 last week to a high of $0.03559, netting a 24% gain.

Considering this praiseworthy trajectory, crypto analysts like Ali Martinez have argued that VeChain’s momentum is not phasing out soon. According to Martinez, there are significant reasons to believe VET will have an even bigger week.

VET Set 56% Gain This Week

In a recent tweet, Martinez called attention to VET’s concluding consolidation phase, with established candlestick patterns closely mirroring those of 2020.

It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH

— Ali (@ali_charts) February 14, 2024

The analyst’s chart indicates that VeChain witnessed 595 days of consolidation before the 2021 bull season. Upon a successful breakout, it clinched an all-time high at $0.2782.

With the asset spending a similar number of days in its accumulation phase since 2022, Martinez outlined a bullish scenario wherein history repeats itself.

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In particular, he argued VET could break into the $0.05 range this week. The analyst set this initial target at $0.054. VeChain last saw the $0.054 price level two years ago.

Considering VET’s current market value of $0.03462, reclaiming $0.054 translates to a growth rate of 56%. This growth rate appears attainable, given the asset’s 24% rise over the past week.

VET Claiming New ATH with 1,921% Rally

Meanwhile, Ali Martinez has an even higher target for VET in this unfolding bull season. He speculated a scenario where the asset reclaims and surpasses its previous peak of $0.2782 this year.

Specifically, the analyst argued that VeChain enthusiasts can expect a $0.7 price by November this year. This price target represents a 19-fold increase or an explosive 1,921% growth within ten months. 

VeChain’s current ATH trajectory translates to a 1,730% growth from $0.01522. However, it took multiple years to materialize. 

Notably, the analyst stated that a brief correction could occur by June before the rally to $0.7. Ultimately, whether VET could crack a 19-fold increase within ten months remains to be seen.

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• Source: https://thecryptobasic.com/2024/02/14/vechain-vet-set-to-break-all-time-high-with-explosive-1921-growth-forecast/?utm_source=rss&utm_medium=rss&utm_campaign=vechain-vet-set-to-break-all-time-high-with-explosive-1921-growth-forecast