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- At $0.041, VeChain has lost close to 20% in the past week, but one popular analyst says that if it replicates its trading pattern from four years ago, VET could spike 1,360%
- However, the coin would first retrace even further to hit $0.32, which is the upper boundary of its current trading consolidation pattern, before breaking out.
The last ten days have been tough on crypto, with Ethereum dipping to $3,000 after hitting a high of $3,700. Meanwhile, BTC struggles to stay above $65,000, with its halving just ten hours away, as Crypto News Flash reported. VeChain hasn’t been spared either, but according to one popular analyst, VET could spike by over 1,300% in the near future if it continues to mirror its trading pattern from four years ago.
VET trades at $0.04105 at press time, having gained 6.52% in the past day. Of the 36 projects above it, only Uniswap, Internet Computer and Toncoin recorded higher gains in that period.
Despite the overnight rally, VeChain has shed 18% of its value, which aligns with the overall market wipeout, in which over $400 billion was lost. It staged a comeback on Monday, April 15, spiking from $0.036 to hit $0.0469, but the bulls lost control of the market, and it has been downhill from Tuesday until earlier today.
VeChain hit a one-month high of $0.05046 on April 12, but as the weekend set in, it succumbed to the broader market capitulation.
VeChain to Surge 1,400%
Despite the gloom that enveloped the market in the past week, one popular analyst believes that VeChain is headed towards a 1,400% rise.
Ali Martinez took to X to share that the current market patterns mirror the same price pattern VET underwent in the latter half of 2020.
From June to December 2020, the price of VET consolidated in the $0.01-$0.02 range and seems destined to stay tethered. However, at the turn of the following year, it embarked on a bull rally that saw it hit $0.2782 in mid-April 2021, a 1,290% surge. This remains its highest price to date.
As Martinez points out, VET has been consolidating in a similar range for over 18 months now. As the graph below shows, the coin broke out of this pattern in February this year but didn’t kick on. Eventually, it was pulled back and currently sits just above the upper boundary trendline of the pattern.
This is precisely the same pattern it exhibited in 2021. After being slightly pulled back to the edge of its consolidation pattern then, it used the upper trendline as support and skyrocketed to new highs.
For VET to replicate this pattern, it has to dip one more time to hit $0.032, a 22% dip from its current price. However, this will be shortlived, and the token will embark on the ultimate bull rally that will take its price to $0.60, a new all-time high and a 1,360% surge from its current price.