thecryptobasic.com
A VeChain-focused crypto account has set some ambitious price targets for VET, projecting the crypto asset to hit $0.5 in a bearish case, $1 in a neutral case, and $3+ in a bullish scenario.
VeFam, a community-driven VeChain account dedicated to updates within the VeChain ecosystem and beyond, recently made these bullish projections, triggering reactions from the broader community.
VeChain Rollercoaster Ride
Notably, VeChain has also leveraged the latest market-wide resurgence amid the pre-bull run phase. The crypto token is up 108% since September 2023, having leaped from $0.01576 to the current price of $0.03279. VET has recorded four consecutive green months from September to December 2023.
However, this winning streak has met a roadblock this month, with a 4.43% drop in value since Jan. 1, 2024. VET’s slump this month is not a product of the broader market outlook, as other assets have extended their winning streaks to the new year.
For instance, Bitcoin (BTC), the premier crypto asset, is up 8.50% this month. In addition, Ethereum (ETH), the second largest cryptocurrency, has also increased 13.64% since Jan. 1. VeChain’s unique predicament can be attributed to the stern resistance level at $0.03870.
The token hit this price roadblock on Boxing Day, Dec. 26, 2023, and has continued to record intermittent drops since then. One of its largest intraday decline came up on Jan. 3, when it slumped 8.29% amid broader market turbulence.
However, after dropping to retest the $0.02700 price support on Jan. 8, the asset staged a recovery. VeChain is up 21% from this low, riding on the sustained market uptrend triggered by the sentiments surrounding the spot BTC ETF approval.
VET Could Hit $3+
VeFam’s recent disclosure comes amid this recovery campaign. The community-driven account’s disclosure asserts that VeChain has enough potential to become one of the top contenders in the coming bull run between 2024 and 2025, as even the lowest price target would require a massive price increase.
According to the account, VeChain’s highest price for the coming bull run would sit at $0.5 in the most bearish outlook. At VET’s current price of $0.03279, hitting $0.5 would necessitate a 1,424% increase in price. This price would also translate to a new ATH for VET.
For a neutral case, the account believes VeChain could finally clinch parity with the dollar, surging to $1. The closest VET has come to hitting $1 was when it rallied to the current all-time high of $0.27983 in April 2021. Since collapsing from this high, the token has failed to even recover $0.2.
VeFam’s predictions assert that the asset could break through all these barriers, with a bullish scenario setting the price tag at $3+.
VeChain would need to rally 9,049% from its current value to hit $3. This would bring the token’s market cap to $218 billion, placing it among the top crypto assets by valuation.
While these predictions remain bullish, the likelihood of them materializing remains slim. However, this does not completely rule them out, given the unpredictability of the crypto scene. As a result, investors should not consider them as investment advice.