An analyst has observed that VeChain (VET) has reached a triple bottom at the $0.01349 level, followed by a surge and a minor correction, which he predicts will lead to significant gains for the token.
The previous instance of VET hitting a triple bottom resulted in a staggering 14,000% increase, reaching an all-time high of $0.28. The analyst believes that history will repeat itself.
VeChain has once again reached a triple bottom, and according to the analyst, it is poised to skyrocket by over 14,000% and set a new all-time high above $1.6.
Currently, VET is trading at $0.03632, with a 4% gain in the past day, resulting in a market cap of $2.6 billion. The token experienced a surge earlier in the week, reaching $0.039, but lost momentum and dropped to a weekly low of $0.0345. However, it has been steadily gaining since then, heading into the weekend, which is typically characterized by low volumes and price dips.
Egrag Crypto, a prominent analyst in the crypto space, suggests that VET could be entering a record-breaking bull run. The analyst shared a chart on X, indicating that VET has reached a triple bottom, which is a sign of an impending surge.
VET’s triple bottom tested the $0.01349 support level before experiencing a slight rebound, only to retest it and rebound once again. After the third test, the token rebounded and nearly doubled in price, reaching $0.024. The momentum subsided before reigniting and reaching $0.05.
Egrag’s projection is based on a similar pattern observed in 2019. Back then, VET also reached a triple bottom before breaking free in mid-2020. Similar to the current market, the first wave of momentum faded away after a few months, and the token experienced a slight dip. However, a second wave took over, and by early 2021, VET reached $0.2802, skyrocketing by 14,464 from its triple-bottom price, as depicted in the chart below. Interestingly, the analyst inverted the graph as a humorous response to VeChain’s critics, who predict its imminent collapse.
As shown in the chart, the analyst anticipates that VeChain will once again surge by over 14,000% from its triple-bottom price to reach $1.6. If VET achieves this milestone, its market cap will reach $116 billion, making it the third-largest cryptocurrency project after Bitcoin and Ethereum.
Egrag is not alone in predicting a surge for VeChain. Ali Martinez also shared a triple-bottom chart on X, stating that he believes the token will rebound in the summer and experience explosive growth in the fall.
Fractals indicate that #VeChain ($VET) is poised for a summer rebound, with the potential for explosive growth in the fall.
pic.twitter.com/gjdJLfreOD
— Ali (@ali_charts)
May 10, 2024
Another analyst has pointed out that the token is displaying an “overlapping corrective flagging price structure to the daily 200 EMA,” as illustrated below.
In the meantime, the VeChain ecosystem continues to expand, as reported by Crypto News Flash. The VeChain Foundation announced that VeWorld, the ecosystem’s official non-custodial wallet, has reached one million downloads. This is a remarkable achievement considering the wallet has only been available for a few months.
The Foundation stated:
This marks a significant milestone in VeChain’s adoption journey. With over 1.3 million wallets created and 8K weekly active users, the VeChain ecosystem continues to grow.
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