thecryptobasic.com
Analysts draw parallels with the pre-bull patterns of the last cycle to project ambitious targets for VeChain (VET), including a 150% surge by late January.
VeChain (VET) has been on a sustained uptrend recently, with its 30-day growth rate exceeding 45%. Meanwhile, several prominent analysts within the crypto community have argued that VET’s recent impressive performance could be a joke compared to its trajectory expected in the coming weeks.
VET Set for 150% Surge in Six Weeks
In a recent tweet, renowned chart analyst Ali Martinez highlighted that VeChain is reproducing the consolidation phase witnessed between 2018 and 2020.
The chart accompanying Martinez’s tweet added further insights into the claim. In particular, VET’s one-week candle from 2022 to date has reproduced similar patterns observed before the commencement of the last bull run in terms of highs and lows.
Besides, the chart foreshadows an upward trajectory akin to the path observed during the last bull run. As a result, the analyst argued that VET could potentially breach its resistance barrier of around $0.033 where such patterns persist. He forecasted that the breakout could occur in the next two weeks.
Furthermore, the analyst highlighted that the upward movement could be a precursor to VET’s meteoric rise to $0.077 by late January. Specifically, he mentioned that the uptrend would translate to a substantial 150% investment yield.
Three Expected Targets for VET
Meanwhile, Martinez is not the only analyst foreseeing VET’s impending astronomic growth. In another thread, well-known chartist EGRAG projected more daring price outlooks for VET for 2024 and beyond.
Like Martinez, EGRAG cited VET’s prolonged downtrend pattern, which has now mirrored the path leading to its 2021 all-time high. Observing the emerging trend, this analyst shared three price targets to watch.
He identified a potential price of $0.11642, achievable in 2024. Moreover, the analyst envisions an even more promising outlook for VET in 2024, with an anticipated growth of 800% to $1.05737. The third target value suggested by EGRAG was $2.3, which would require an explosive yield exceeding 7,700%.
At the time of reporting, VET holds a market value of $0.03039, marking an 11% seven-day cumulative gain.