VET Analysis: Chart Patterns Point to Potential Surge

Since the start of the current year, VeChain (VET) has exhibited a consistent upward trajectory, as evidenced by its thirty-day growth rate of 45%.

Meanwhile, several prominent analysts in the cryptocurrency sector have opined that VET’s recent remarkable performance may seem insignificant in comparison to the trajectory that is expected to unfold in the coming weeks.

Ali Martinez, a prominent chart analyst, published a tweet stating that VeChain is presently undergoing a consolidation phase comparable to the one that occurred between 2018 and 2020.

Further clarification regarding the assertion was furnished through the chart accompanying Martinez’s tweet. To be more precise, the one-week candle for VeChain commencing in 2022 has replicated patterns observed before the onset of the most recent bull run concerning its highs and lows.

Furthermore, the chart suggests that the market is progressing on an ascending trajectory, resembling the course followed during the preceding bull run.

The analyst concluded that VET can surpass its resistance barrier of around $0.033 when these patterns persist. He deduced that the outbreak could potentially occur within the subsequent fortnight.

Additionally, the analyst noted that the current ascent could potentially serve as a precursor to the remarkable surge in value of VET to $0.077 by the conclusion of January. Specifically, he predicted the ascent would lead to a lucrative investment return exceeding 150%.

Meanwhile, Martinez is not the only analyst who predicts that the VET sector will soon expand exponentially.

In another thread, a renowned chart analyst named EGRAG provided more audacious price forecasts for VeChain beyond 2024.

EGRAG, like Martinez, noted the prolonged downward trend that VeChain has been exhibiting; this pattern has now been replicated along the same path that led to its all-time high in 2021.

In light of the emerging trend, this specialist furnished three price forecasts that warrant close observation.

He identified the price of $0.11642, which he projected could be attained in 2024. In addition, the analyst projects a further expansion of 800% for vocational education and training in 2024, estimating it will achieve a value of $1.05737.

A third target value of $2.3 was suggested by EGRAG, requiring an explosive yield that exceeded the typical increase of 7,700%.

As of the time of this report, the market value of VeChain is $0.03039, reflecting an 11% cumulative increase over the previous seven days.