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Despite its recent struggles, a prominent market analyst is tipping VeChain (VET) to surge more than 600% in the mid-term.
The price of VeChain (VET) has struggled to impress in recent weeks. Despite a market-wide recovery in crypto prices, VeChain is down 10% in the past month, dropping as low as $0.025 within that timeframe.
Nonetheless, crypto market analyst Captain Faibik expects things to turn around for VeChain soon. In a chart shared with over 78,000 followers, he noted that VET is currently on the “verge of a macro breakout.”
Macro breakouts refer to a move above or below a resistance or support zone within a defined timeline, typically months. The chart reveals that VET has traded within a macro range since May 2022, struggling to go above $0.034 or below $0.011.
VET has noticeably visited the upper macro range three times within this period, with the most recent attempt coming earlier this month. The popular analyst expects VET to complete a “successful breakout” soon, a move that could result in an over 600% increase from its current price.
$VET is on the Verge of a Macro Breakout. ⌛️
In Case of Successful Breakout, Expecting a +600% Bullish Rally in the Midterm.#Crypto #VeChain #VET #VETUSDT pic.twitter.com/8JjhS1zI0Z
— Captain Faibik (@CryptoFaibik) February 10, 2024
In the event of such an outcome, VET could go as high as $0.21 in the “mid-term,” propelling the altcoin higher on the chart of top cryptocurrencies by market capitalization.
At its peak in 2021, VET traded as high as $0.25. Hence, the latest prediction simply means a return to the all-time high areas and potentially a breach of the previous mark.
VeChain Eyes Big Year
The latest VET price prediction comes amid a broader crypto market rally that many see continuing for most of 2024. The VeChain team evidently hopes to capitalize on increased crypto market interest to drive adoption for the project.
In an interview earlier this year, VeChain CEO Sunny Lu labeled 2024 a “big year” for crypto and token integration. VeChain has already gotten the year off to a good start, crossing the 200 million transaction milestone for its Walmart China integration.