Top Analyst Foresees Explosive 15x Surge for VeChain (VET) as Recent Forecast Hits Mark

A prominent analyst has argued that VeChain (VET) is set for a 1480% rally to an explosive all-time high after a recent forecast materialized.

VeChain (VET) has profited significantly from the crypto market surge spearheaded by Bitcoin. Within the last seven days, VET recorded an impressive growth, moving from $0.02947 to a peak of $0.05085. Emphatically, this surge represents a remarkable 72.41% gain over the past week.

Although VET has witnessed a 9% decline, bringing its price to $0.04428 over the past day, cryptocurrency analysts such as Ali Martinez believe VeChain’s momentum is far from dissipating. 

Martinez asserts that there are compelling reasons to anticipate an even more significant week ahead for VET. Taking to X, the analyst Martinez highlighted VET’s concluding consolidation phase, noting formed candlestick patterns that closely resemble those observed in 2020.

The graph accompanying the tweet reveals that VeChain experienced nearly 600 days of accumulation prior to the bull season of 2021. And when the consolidation phase ended, the asset reached an all-time high of $0.2782.

Martinez’s chart suggested VET has spent a comparable 644 days in its consolidation phase since 2022. Consequently, the analyst delineated bullish scenarios suggesting the potential for history to repeat itself.

Last Week’s Forecast Materialized

Specifically, Martinez posited that VET could surge into the $0.05 range within the current week, setting an initial target at $0.054. At the time of the forecast, VET was trading around $0.03462.

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Interestingly, the analyst’s projection has largely materialized, with VET breaking into $0.05 on Thursday. Prior to this, the asset last reached the $0.05 price level in 2022.

Following the recent retracement that placed VET’s price at $0.04428, the asset barely needs a 21% rally to reach the analyst’s $0.054 target.

VET Set for 14x Rally

On the other hand, Martinez has set an even loftier outlook for VeChain. He envisioned a scenario where the asset not only reclaims but transcends its 2021 peak of $0.2782 this year.

In particular, the pundit proposed that VeChain holders could anticipate a price of $0.7 by November of this year. This target price signifies a 15-fold growth within a span of ten months. 

Notably, Martinez mentioned that a brief retracement might occur by June before the 1480% rally to $0.7.

It is worth mentioning that VET’s current all-time high trajectory of 1,700% growth from $0.01522 took multiple years to happen. Essentially, whether VeChain could achieve a 1480% growth within ten months will be revealed over time.

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• Source: https://thecryptobasic.com/2024/02/17/top-analyst-foresees-explosive-15x-surge-for-vechain-vet-as-recent-forecast-hits-mark/?utm_source=rss&utm_medium=rss&utm_campaign=top-analyst-foresees-explosive-15x-surge-for-vechain-vet-as-recent-forecast-hits-mark