VET, the native token of the VeChain blockchain, has attracted the attention of prominent crypto analyst Ali Martinez, who predicts a critical week for the digital asset. Ali’s forecast hinges on VET potentially reaching $0.054 within the week, followed by a likely correction lasting until June.
However, he anticipates a subsequent bull run propelling VET to a staggering $0.70 by November, representing a monumental 1,423% increase from its current price of $0.04596.
It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH
— Ali (@ali_charts) February 14, 2024
Read Also: Analyst Says VeChain (VET) Is Primed For an 8,424% Rally to $1.6 As Institutional Adoption Rises
VeChain has surged 33.15% over the past 24 hours, increasing the chances of VeChain reaching Ali’s target of $0.054. This impressive surge follows Wednesday’s surge of around 11%, showing the positive impact of Bitcoin’s recent surge beyond $50,000.
Ali believes history is about to repeat for VET. On his chart, he highlights how the cryptocurrency’s current behavior resembles its 2020 price action preceding the 2021 bull run. The chart showcased a 595-day consolidation period for VET before it embarked on an upward climb, ultimately reaching its all-time high of $0.2782 in April 2021.
This historical comparison leads the analyst to believe that VET’s similar accumulation period since 2022 could pave the way for a comparable breakout. Notably, Ali has shared a similar prediction for XRP, recently predicting a 650x surge for the digital token.
VET’s Next Steps
With his short-term prediction, Ali envisions VET reclaiming the $0.054 level, a price point not seen in roughly two years. In the long term, he expects a surge to $0.70 by November. Achieving this target would propel VeChain beyond its current all-time high of $0.2782.
VET has overcome $0.039, which was considered a formidable resistance point. Now that the digital asset has surpassed this hurdle, the next target is Ali’s predicted $0.054 level.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Analyst Projects VeChain (VET) To Rally 7,592% to Reach $2.3. Here’s the Timeline
Is VeChain (VET) Headed for $0.7?
It is crucial to acknowledge that while this analysis presents a compelling potential scenario, cryptocurrency markets are volatile and susceptible to unforeseen fluctuations. Therefore, investors should exercise due diligence and conduct research before making investment decisions.
However, the entire crypto market is bullish, with a market cap of 1.98 trillion, up 2.29% over the last 24 hours. Bitcoin’s recent surge has pushed the market into an exciting resurgence, and with the Bitcoin halving fast approaching, the market could see more cryptocurrencies surge like VeChain (VET).
Follow us on Twitter, Facebook, Telegram, and Google News
