Bitcoin’s bullish momentum has fueled the crypto market to an upward development. Because the flagship cryptocurrency rises to the $52,000 stage, a number of different cryptocurrencies comply with its steps intently and exhibit indicators of a potential bull run.
Accordingly, a famend crypto analyst has predicted a possible bull run for VeChain (VET) that would lead the token to a brand new all-time excessive (ATH).
Will VeChain Repeat Historical past?
Crypto analyst Ali Martinez has shared his prediction for VET this week. The analyst believes historical past may repeat itself, and the cryptocurrency might even see its largest week in years.
In response to Martinez, VET appears to be repeating historic patterns that preceded the 2021 bull run and noticed the token’s value rise to its all-time excessive value. Within the X (former Twitter) publish, the crypto analyst predicted that VET may surge to the $0.054 value vary, a stage it has not reached since April 2022.
The chart under exhibits the 595-day consolidation interval that preceded the 2021 bull run. The cryptocurrency moved sideways throughout this era earlier than ultimately breaking out and reaching its ATH of $0.281.
It appears like it will likely be an enormous week for #VeChain! If historical past repeats itself, $VET might be a transfer to $0.054 this week, a short correction till June, after which a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH
— Ali (@ali_charts) February 14, 2024
Equally, the chart signifies the present 644-day consolidation interval in 2022. If historical past repeats this week, Martinez believes VET’s sample may comply with the 2021 development and drive the token’s value upwards to $0.054. The analyst additionally predicted a possible value correction that will final till June.
After the correction, Martinez predicts a bull run that will skyrocket the cryptocurrency value to $0.70 by November of this yr. This long-term prediction would triple VET’s beforehand established ATH.
VET Value Motion
As beforehand reported, VET’s value broke above a big resistance stage in December 2023 earlier than struggling a pullback. In January 2024, the cryptocurrency confronted one other rejection following an try to interrupt out of the identical $0.03 value resistance.
Following the latest Bitcoin rally, VET has been monitoring its actions, mirroring a development much like that of the flagship cryptocurrency, because the chart under exhibits.
VET’s value motion follows an analogous development to BTC over the past 7 days. Supply: CoinGecko
At writing time, VET is buying and selling at $0.04625, a 5.1% surge within the final hour and a 32.3% surge within the earlier 24 hours. In response to CoinGecko knowledge, cryptocurrency takes the thirty fourth spot in market capitalization.
VeChain has a each day buying and selling quantity of $195 million, representing a 68.5% improve in at some point. These metrics counsel an increase in market exercise for the cryptocurrency and trace at a optimistic sentiment amongst buyers.
Nonetheless, regardless of Martinez’s prediction, VET’s value has an extended highway forward as it’s nonetheless 85.33% decrease than the all-time excessive value achieved three years in the past.
VET value motion within the 1-day chat. Supply: VETUSDT on TradingView.com
Featured picture from Unsplash.com, Chart from Tradingview.com
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