VeChain’s VET Token Poised for 600%+ Upside in 2024, Analysts Say
VeChain’s VET token has the potential to experience significant price gains in 2024, with analysts predicting an upside of over 600% from its current levels. The cryptocurrency has historically struggled to match its adoption and partnership success with price appreciation. However, recent analysis suggests that this trend could change.
Technical Breakout Signals Growth Potential
The breakout of a long-term descending triangle formation indicates the potential for future growth for VeChain’s VET token. Top trader EGRAG CRYPTO has identified major resistance levels ranging from $0.06 to VET’s all-time high near $0.28. EGRAG even sees the possibility of VET eventually reaching $1.5.
Another analyst, Captain Faibik, takes a macro perspective and believes that VET is on the verge of a breakout. He predicts a potential 600%+ rally up to around $0.21 in the midterm.
Partnerships Support Bullish Outlook
VeChain’s partnerships with major global brands like PwC and Walmart China contribute to the bullish thesis for the cryptocurrency. The collaboration with Walmart China has already facilitated over 200 million product transactions on the network. As these partnerships continue to expand globally, it is expected that VET’s valuation will align more closely with its real-world adoption.
Broader Market Conditions Favor Price Growth
In addition to tokenomics adjustments and partnerships, the overall crypto market conditions also play a crucial role in driving price spikes. Captain Faibik believes that positive momentum will continue industry-wide in 2024, providing an opportunity for assets like VET to catch up after a challenging period since 2021.
With VeChain’s strong adoption metrics and the potential for altcoins to gain attention from investors, the stage is set for VET to become one of the breakout stars in the crypto market.
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