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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 carefully and exhibit indicators of a doable bull run.
Accordingly, a famend crypto analyst has predicted a possible bull run for VeChain (VET) that might 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 might repeat itself, and the cryptocurrency might even see its largest week in years.
In line with Martinez, VET appears to be repeating historic patterns that preceded the 2021 bull run and noticed the token’s worth rise to its all-time excessive worth. Within the X (former Twitter) submit, the crypto analyst predicted that VET might surge to the $0.054 worth vary, a stage it has not reached since April 2022.
The chart beneath reveals the 595-day consolidation interval that preceded the 2021 bull run. The cryptocurrency moved sideways throughout this era earlier than finally breaking out and reaching its ATH of $0.281.
It seems like it is going to be an enormous week for #VeChain! If historical past repeats itself, $VET may very well be taking a look at a transfer to $0.054 this week, a quick 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 might comply with the 2021 development and drive the token’s worth upwards to $0.054. The analyst additionally predicted a possible worth correction that might final till June.
After the correction, Martinez predicts a bull run that might skyrocket the cryptocurrency worth to $0.70 by November of this 12 months. This long-term prediction would triple VET’s beforehand established ATH.
VET Worth Motion
As beforehand reported, VET’s worth broke above a major 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 worth resistance.
Following the current Bitcoin rally, VET has been monitoring its actions, mirroring a development much like that of the flagship cryptocurrency, because the chart beneath reveals.
VET's worth motion follows the same 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 line with CoinGecko information, cryptocurrency takes the thirty fourth spot in market capitalization.
VeChain has a every day buying and selling quantity of $195 million, representing a 68.5% enhance in in the future. These metrics counsel an increase in market exercise for the cryptocurrency and trace at a constructive sentiment amongst buyers.
Nevertheless, regardless of Martinez’s prediction, VET’s worth has a protracted street forward as it’s nonetheless 85.33% decrease than the all-time excessive worth achieved three years in the past.
VET worth motion within the 1-day chat. Supply: VETUSDT on TradingView.com
Featured picture from Unsplash.com, Chart from Tradingview.com
Disclaimer: The article is offered for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site solely at your personal danger.
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