Bullish momentum in Bitcoin has fueled the upward development within the cryptocurrency market. Because the flagship cryptocurrency rose to $52,000 ranges, a number of different cryptocurrencies adopted swimsuit and confirmed indicators of a attainable bull run.
Consequently, a outstanding cryptocurrency analyst predicts a attainable bull marketplace for VeChain (VET), which might result in the coin hitting a brand new all-time excessive (ATH).
Will VeChain repeat historical past?
Cryptocurrency analyst Ali Martinez shared his predictions for VET this week. The analyst believes that historical past could repeat itself and cryptocurrencies might have their greatest week in years.
Martinez mentioned VET seems to be repeating the historic sample that preceded the 2021 bull run and noticed the token’s value rise to all-time highs. In a submit by
The chart beneath reveals the 595-day consolidation interval earlier than the 2021 bull market. The cryptocurrency fluctuated sideways through the interval, finally breaking out and reaching a excessive of $0.281.
Appears like that is going to be an enormous week #vechain! If historical past repeats itself, $Vocational Education and Training A rally to $0.054 is feasible this week with a quick correction by June after which a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH
— Ali (@ali_charts) February 14, 2024
Once more, the chart reveals the present 644-day consolidation interval in 2022. If historical past repeats itself this week, Martinez believes VET’s sample might observe the 2021 development and drive the token value to $0.054. The analyst additionally predicts potential value corrections will proceed into June.
After the correction, Martinez predicts that the bullish market will ship the cryptocurrency value to $0.70 this November. This long-term forecast will triple VET’s ATH.
VET Worth Pattern
As beforehand reported, the value of VET broke by a big resistance degree in December 2023 earlier than retracing itself. In January 2024, the cryptocurrency confronted rejection once more after making an attempt to interrupt above the identical $0.03 value resistance.
VET has been monitoring Bitcoin’s strikes following its latest rally, reflecting related developments to the flagship cryptocurrency, as seen within the chart beneath.
VET's value motion follows an analogous development to BTC over the last 7 days. Supply: CoinGecko
On the time of writing, VET is buying and selling at $0.04625, having surged 5.1% previously hour and 32.3% previously 24 hours. Based on CoinGecko information, the cryptocurrency ranks thirty fourth in market capitalization.
VeChain’s every day buying and selling quantity reached US$195 million, a single-day improve of 68.5%. These indicators present elevated market exercise for cryptocurrencies and trace at constructive investor sentiment.
Nevertheless, regardless of Martinez’s predictions, VET’s value nonetheless has a protracted technique to go as it’s nonetheless 85.33% beneath its all-time excessive value three years in the past.
VET value motion within the 1-day chat. Supply: VETUSDT on TradingView.com
Featured photos from Unsplash.com, charts from Tradingview.com
Disclaimer: This text is for academic functions solely. It doesn’t symbolize NewsBTC’s opinion on whether or not to purchase, promote or maintain any funding, and funding naturally includes dangers. It is suggested that you just conduct your personal analysis earlier than making any funding choice. Use of the knowledge offered on this web site is completely at your personal danger.
