VET Price Analysis: VeChain (VET) Shows Bullish Potential with Predicted 600% Surge
Renowned crypto analysts are predicting a bullish outlook for VeChain (VET), with Captain Faibik forecasting a 600% surge in the midterm. Crypto analyst Michaël van de Poppe also previously predicted that the altseason could begin soon.
VeChain has been making multiple attempts to break its resistance level at $0.04987 over the past few days, despite the ongoing bearish trend. However, these efforts have proven futile as the asset has experienced declines of 1.2% and 8.9% in the last 24 hours and 30 days, respectively. The current price of VET stands at around $0.04509, but its 24-hour trading volume has increased by 56.9% to reach $92 million.
Analysts believe that the asset’s weekly surge of 4% indicates strength and resilience, signaling a bullish outlook. Crypto Yapper, a renowned crypto analyst, points out that the technical chart of VET is showing a strong invalidation of the bearish breakdown, indicating growing market confidence among investors. The asset’s ability to sustain an extensive upward trajectory will depend on its capacity to breach its resistance level.
Captain Faibik, another crypto analyst, has observed bullish patterns in VET’s macro chart, suggesting a potential 600% price growth in the midterm. This implies that VET could reach $0.26886. According to Captain Faibik, the bullish outlook is driven by the underlying fundamentals and growth prospects of VeChain. Patient investors could be rewarded with a substantial profit margin.
The bullish trend in VeChain has also been confirmed by World of Charts, an X page focused on price analysis. In a recent tweet, they disclosed that VET has already confirmed a breakout and retest, and could experience a significant surge in the coming weeks.
Altcoins have been said to be at their lowest levels, awaiting the expected rally after the Bitcoin halving event this month. However, retail investors seem to have lost interest in alternative coins, as highlighted by crypto analyst Michaël van de Poppe. He emphasized that these opportunities do not come often and now is the time to show interest in altcoins.
VeChain is known as a supply chain “heavyweight” that provides transparent tracking and verification for products across their supply chain. Its platform utilizes the power of the Internet of Things (IoT) to promote product authenticity, combat counterfeiting, and enhance trust in supply chains.
Recently, VeChain partnered with Gresini Racing to unveil a new digital asset tokenization platform called MaaS. They also launched VeBetterDAO, a sustainability platform aimed at introducing sustainability to decentralized app systems. These developments, along with other factors, are expected to be the primary catalysts for the predicted rally of VET.