VeChain (VET) is poised for significant upward momentum, attracting analysts’ and investors’ attention. Despite encountering obstacles in surpassing resistance levels and maintaining a gradual pace, VET exhibits promising potential for rapid growth over the long-term. Having recently rebounded from a critical support level, VET displays renewed strength. In the past week, it has showcased resilience with a 4% increase, indicating its capacity to recover from setbacks.
At the time of writing, the price of VeChain sits at $ 0.034686, with a 24-hour trading volume of $ 49.54M and a market cap of $ 2.52B. Despite a slight 1.61% decrease in the last 24 hours, VET continues to hold promise for future growth.
Analyst Predicts VeChain to Surge 500%
Cryptocurrency analyst Crypto EA has brought attention to VeChain’s recent behavior concerning its lower Bollinger Bands (BB). In the past, when VET touched these bands, its price surged significantly, jumping from $0.013 to $0.055. Presently, VET finds itself again at these lower Bollinger Bands, currently at $0.035. Moreover, it’s notable that VET is testing a horizontal resistance level, now acting as a support.
Looking ahead, VeChain’s next price target is set at $0.10. Considering factors such as Altseason, hype, FOMO (Fear of Missing Out), and RWA (Real World Adoption), it’s speculated that VET could experience a substantial movement of at least 500%, reaching $0.50.
Furthermore, another prominent crypto analyst, World Of Charts, shared a bullish outlook on VeChain prices. World Of Charts pointed to the fact that VET had bounced from a real solid support level, generally called the Accumulation Zone Area, as one of the important reasons behind being bullish.
In addition, World Of Charts foresees a significant bullish wave coming in the next weeks, projecting that VeChain can witness a surge of value within the 400-500% range. From this bullish forecast, it seems that an adequate environment is developing for investors and traders in VeChain, showing significant returns on investments.
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