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- One analyst has noted a triple bottom for VeChain (VET) at the $0.01349 level, followed by a spike and smaller correction, which he believes is setting the token up for massive gains.
- The last time VET had a triple bottom, it surged by 14,000% to hit a then-all-time high of $0.28, and the analyst believes that history will repeat itself.
VeChain has hit a triple bottom, and according to one analyst, it’s set to skyrocket by over 14,000% to set a new all-time high above $1.6.
VET currently trades at $0.03632, gaining 4% in the past day for a $2.6 billion market cap. The token surged mid-week to $0.039, but it lost momentum and dipped to a weekly low of $0.0345. Since then, it has been gaining steadily as it heads into the weekend, usually marked by low volumes and price dips.
According to Egrag Crypto, a popular analyst in the crypto space, the crypto could be embarking on a record-setting bull run. The analyst took to X to share a chart indicating that VET has hit a triple bottom, an indicator of an impending surge.
VET’s triple bottom tested the $0.01349 support before slightly bouncing back, only to retest it and bounce back. After the third time, the token rebounded and almost doubled in price to $0.024. The momentum petered out before reigniting to hit $0.05.
Egrag’s projection is informed by a similar pattern back in 2019. VET recorded a triple bottom before breaking free in mid-2020. Just like in the current market, the first wave of momentum ebbed away after a few months, and the token dipped slightly. However, the second wave took over, and by early 2021, VET hit $0.2802, skyrocketing by 14,464 from its triple bottom, as shown in the chart below. However, the analyst inverted the graph as a humorous mockery of VeChain’s critics, who insist it’s about to collapse.
As the chart shows, the analyst expects VeChain to surge by over 14,000% once again from its triple-bottom price to hit $1.6. If VET hits $1.6, its market cap will hit $116 billion, making it the third-largest crypto project after Bitcoin and Ethereum.
VeChain (VET) to Hit New Highs
Egrag joins other analysts who have projected that VET will surge. Ali Martinez shared a similar triple-bottom chart on X, stating that he believes the token will rebound in the summer “with a potentially explosive growth in the fall.”
Fractals indicate that #VeChain ( $VET ) is set for a rebound this summer, with a potential explosive growth in the fall. 🚀 pic.twitter.com/gjdJLfreOD
— Ali (@ali_charts) May 10, 2024
Yet another analyst pointed out that the token is recording an “overlapping corrective flagging price structure to the daily 200 EMA”, as shown below.
Meanwhile, the VeChain ecosystem continues to grow, as Crypto News Flash has reported. On Thursday, the VeChain Foundation revealed that VeWorld, the ecosystem’s official non-custodial wallet, has hit a million downloads, an impressive achievement as it has only been around for months.
The Foundation stated:
This marks a major step in VeChain’s adoption journey. With over 1.3 million wallets created and 8K weekly active users, the VeChain ecosystem continues to grow.