Multiple analysts confirm a bullish outlook for VET with Captain Faibik predicting a 600% surge in the midterm.
Crypto analyst Michaël van de Poppe earlier predicted that altseason could begin soon.
VeChain (VET) has made multiple attempts to break its resistance level at $0.04987 in the past couple of days amidst the ongoing bearish trend. Interestingly, this effort has proven futile as the asset records a 1.2% and 8.9% decline in the last 24 hours and 30 days respectively. At press time, the price of VET was around $0.04509, however, its 24-hour trading volume had increased by 56.9% to reach $92 million.
According to analysts, its weekly surge of 4% indicates strength and resilience, signaling a bullish outlook.
Speaking on VET, a renowned crypto analyst known as Crypto Yapper disclosed that the technical chart of the asset is showing a strong invalidation of the bearish breakdown as it returns to a bullish pattern formation. According to him, this indicates that there is a growing market confidence among investors. For now, the asset’s ability to stage and sustain an extensive upward trajectory would depend on its capacity to breach its resistance level.
Another analyst known as crypto analyst Captain Faibik has, upon examining the macro chart of VET, observed the formation of bullish patterns which could set it up for a 600% price growth in the midterm. This implies that VET could “kill” one more zero to hit $0.26886. According to the analyst, the bullish outlook is triggered by the underlying basics and growth prospects of VeChain. In the long run, investors who exercise patience will be rewarded with a huge profit margin as indicated in the prediction.
Other Analysts Confirm the Bullish Outlook of VeChain (VET)
Interestingly, this potential bullish trend has been confirmed by an X page focused on price analysis – World of Charts. In a latest tweet, it was disclosed that VET has already confirmed a breakout and restest, and could make a significant surge in the coming weeks.
Finally, #Vet Started Moving After Perfect Retest #Vechain Looks Extremely Bullish For Midterm Expecting Easy 3-4x Bullish Wave.
Generally, altcoins have been said to be at their lowest pending the expected rally after the Bitcoin halving event this month. Crypto analyst Michaël van de Poppe has in a recent tweet disclosed that retail investors seem to have lost interest in the alternative coins. Speaking on this, he warned that such opportunities do not come often.
Bitcoin is at an all-time high, but retail doesn’t seem to have interest. Altcoins are still at rock bottom levels, and yet, no interest. This is the time to have an interest in them, as these opportunities don’t come that often.
VeChain is known as a supply chain ‘heavyweight” with transparent tracking and verification for products in each stage of their supply chain. Its platform utilizes the power of the Internet of Things (IoT) to promote the authenticity of products, deal with counterfeiting, and improve trust in supply chains.
As recently reported by Crypto News Flash, VeChain in collaboration with Gresini Racing has unveiled a new digital asset tokenization platform, MaaS. It also launched a sustainability platform, VeBetterDAO to introduce sustainability among decentralized app systems. Cumulatively, these developments and other factors are expected to be the primary catalysts for the predicted rally of VET.
The post VeChain (VET) Rally: Analysts Predict Bullish Trajectory and 600% Price Upswing Ahead appeared first on Crypto Adventure.