VeChain (VET) Price Rally: Potential for 150% Increase
VeChain (VET) has been experiencing a cyclical price rally, and it could be the next altcoin to see significant gains. On December 19, VET surged by 7%, surpassing its crucial resistance level of $0.033. This breakout has created the possibility of another major rally in the coming month.
Recent Analysis Points to Positive Outlook for VeChain (VET)
An analysis by cryptocurrency analyst Ali Martinez suggests that VeChain is currently going through a consolidation phase similar to the years 2018-2020. If this pattern continues, VET might break through the $0.033 resistance level in the next two weeks, leading to a substantial price increase. Martinez predicts that VET could reach $0.077 by late January, representing a 150% surge.
VET Price Prediction for 2024
Renowned chartist EGRAG has presented bold price projections for VeChain (VET) extending into 2024 and beyond. EGRAG highlights VET’s extended downtrend pattern and draws parallels with the trajectory that led to its all-time high in 2021. The analyst proposes three significant price targets for investors to monitor.
The first target is a potential price of $0.11642, expected to be achievable in 2024. EGRAG also envisions an optimistic scenario for VET, projecting substantial growth of 800% that could push the token to $1.05737 in 2024. The third target value is an ambitious $2.3, indicating a potential yield exceeding 7,700%.
Growing On-Chain Data Requests for VeChain
A recent report by NowNodes reveals a significant increase in on-chain data requests for the VeChain blockchain. The number of requests has risen from 240 million in Q1 to 392 million in Q4, indicating consistent growth in node load and usage throughout 2023.
Hot Take: VeChain (VET) Shows Promise for Future Gains
With its recent price rally and positive outlook from analysts, VeChain (VET) is poised for potential gains in the coming months. If the consolidation phase continues, VET could see a breakout above its resistance level, leading to a significant surge. Additionally, long-term projections suggest that VET has the potential for substantial growth in the years ahead. With increasing on-chain data requests, VeChain’s blockchain is gaining traction and attracting attention from crypto enthusiasts and investors alike.
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