By Sharan Kaur Phillora
VeChain (VET), a prominent China-based altcoin, is capturing the attention of investors and analysts alike, with predictions of a record-breaking surge in its value. Renowned for its strategic partnerships and listings on top cryptocurrency exchanges such as Binance and Coinbase, VeChain’s potential for growth is now under the spotlight, especially after its recent listing by Coinbase in September.
Here’s what we know:
Despite a significant drop from its all-time high (ATH) of $0.28 during the 2021 bull run, trading nearly 90% below its peak, VeChain is showing signs of an impending rally. Analyst Ali Martinez has set the crypto community abuzz with his bold forecast for VET. He anticipates a pivotal week for the altcoin, projecting a staggering increase to $0.70 by November, following a potential brief correction in June.
This optimistic target represents an almost 2000% rise from its current trading price of $0.0344, highlighting a potential turnaround for VeChain, which has long been underrated despite its widespread adoption and partnerships.
Supporting this bullish outlook, top trader EGRAG identified a breakout from a prolonged 850-day descending triangle pattern for VET, pointing towards a significant upward trajectory. With potential resistance levels ranging up to VET’s ATH, EGRAG even suggests a long-term target of $1.5 for the altcoin.
Similarly, analyst Captain Faibik’s macro analysis corroborates the positive sentiment surrounding VET. After trading within a defined range since May 2022, Captain Faibik predicts a 600% surge to $0.21 in VeChain’s next growth phase, potentially revisiting the highs of 2021.
VeChain’s real-world applications, particularly in supply chain tracking and IoT, have fostered collaborations with global giants like PwC and Walmart China. The Walmart partnership alone has facilitated over 200 million product transactions using VET-based tracking, underscoring VeChain’s practical utility and adoption.
As the broader cryptocurrency market gears up for positive momentum, analysts believe 2024 could be the year VeChain aligns its market valuation with its real-world adoption. With VeChain’s enterprise solutions gaining traction globally, the stage is set for VET to emerge as one of the breakout stars in the cryptocurrency space, potentially transforming its investor perception after years of subdued price action relative to its adoption curve.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
