thecryptobasic.com
Amid the ongoing VeChain (VET) uptrend, a prominent market commentator expects further price growth to at least double the 2021 all-time high.
Notably, VeChain (VET) has captivated the market with an impressive rally so far in December, surging by nearly 40% within the first three days of this month.
This uptick follows its outstanding 116% rally in November, making VET one of the best performers of the month. Despite a retracement from a multi-year peak today, VET maintains the $0.06 level. As a result, analysts expect more upside in the coming weeks.
Market watcher EGRAG has forecasted that VET could potentially climb by 3,000% in the next 100 days. He based his prediction on patterns from VET’s price action, which mirrors its previous market cycles.
VET in a Bullish Phase
According to the accompanying weekly chart, VET appears to have entered a bullish phase. The chart outlines important features that support EGRAG’s bullish outlook.
For context, last year, VET broke out of a prolonged descending channel, which spanned several years. This breakout indicated a shift in momentum. A key milestone was the Break of Structure (BOS), a bullish signal marked by the breakout above prior resistance levels.
Notably, following this breakout, VET leveraged the first phase of the bull run to hit a peak of $0.055 in February 2024. However, as the market corrected, VeChain witnessed a massive 65% from the $0.055 peak, reaching a low of $0.01890 in August 2024.
Interestingly, this decline mirrored a similar drop in VET’s past market cycles, as identified by EGRAG. In these previous cycles, the drop preceded a strong rally. EGRAG believes VeChain will replicate the bullish pattern from the previous cycles in the ongoing season.
Notably, since the 65% drop, the asset has embarked on an upward trajectory, reclaiming a two-year peak of $0.0720 this month. This has bolstered the market analyst’s conviction that VeChain will witness more substantial price growth.
VeChain Fibonacci Targets
For when this price growth materializes, EGRAG outlines Fibonacci levels, which serve as potential price targets for VET. With VeChain now trading for $0.06134, the first target, at Fib 0.5 ($0.06021), has already been surpassed.
From this position, the next levels of interest being Fib 0.702 ($0.11147) and Fib 1.0 ($0.27651). However, the most ambitious targets are the Fibonacci extensions: Fib 1.272 ($0.63) and Fib 1.618 ($1.58).
EGRAG stressed that a 3,000% surge from current levels would place VET near the Fib 1.272 level, doubling its previous ATH of $0.2798 from April 2021.
Several factors also contribute to the optimistic outlook for VET. VeChain’s inclusion in Coinbase’s COIN50 Index is a major milestone. This development bolsters VET’s visibility to institutional and retail investors.
Additionally, VeChain’s strong partnerships and real-world utility add to its appeal. The blockchain platform has established itself as a leader in supply chain solutions and continues to expand its use cases, solidifying its long-term value proposition.