Why VeChain (VET) Could Be On The Verge Of A 40% Rally

VeChain has been moving sideways during the past week, with more downside action than larger cryptocurrencies. While Bitcoin, Ethereum, and others have seen some gains, the price of VET continues to trend downwards. Related Reading | VeChain Records 7% Profits And It Could Outperform ETH, Here’s Why As of press time, VeChain trades at $0.048 with an 8.9% and 34% loss during the past two weeks and 30-days, respectively. However, the cryptocurrency could be sitting at crucial levels and poised for major price appreciation. Analyst Justin Bennett claims this upcoming VET’s price rally could push the cryptocurrency up 40% off its current levels. On the weekly chart, the analyst identified a setup from back in 2020. At that time, VET’s price was preparing for what ended up as one of its biggest rallies in subsequent months, according to Bennet. The analyst recommended his audience to “take everything with a grain of salt”. In that sense, he showed the price of VET moving sideways in an inverse “head and shoulders” pattern. As seen below, when VeChain managed to break above that trend line, its price was able to resume bullish momentum into uncharted territory. At the time, VET’s price recorded over 1,000% gains through 2021. Trending downside from that rally, as the chart shows, VET’s price has returned to below its 2018 trendline, to levels last seen before the previously mentioned rally. Bennett said: In order for VET to move significantly higher this year, I’m talking $0.10 and higher, it is going to have to get above this trendline. So, this is what I mean by this trendline it’s going to be significant in terms of the overall context of the market. VeChain, Bennet added, already attempt to get back above this trendline, but failed near the $0.070 price mark. Until VET’s price can return to those levels, the cryptocurrency is on a downtrend. Can VeChain Break Above This Critical Level? Bennet clarified that VET’s price could see some relief in the short term. The cryptocurrency could be poised for a 40% move back to its previous resistance levels at $0.070. In order to achieve that bullish move, in lower timeframes, VeChain will need to break above the area around $0.050. As seen below, on the daily chart, VET’s price needs to see a daily close above this resistance price point. Bennett said: The market is kinda getting into a point where it’s gonna have to make a decision (…). The set up I’m looking for for VET is going to be a daily close above the $0.050 area (…). Then we are looking at a potential move up to that $0.070 area (…). From $0.050 to $0.070 it may not sound like a lot, but that is a 40% rally. In my opinion, it’s worth the wait. Data from Material Indicators shows VET’s price currently sits at $500,000 in bids orders. These orders could operate as support as VeChain moves into the critical resistance area around $0.050. Related Reading | Polkadot, Vechain Founders Pledge Over $10 Million In Crypto To Ukraine If VET’s price breaks above those levels, the next resistance levels stand at $0.050 which records less than $200,000 in asks orders.

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Vechain Price Prediction | 9 March | VET Market Update

The spreading clouds of war in Europe have also had an impact on VeChain. Let’s have a look at Vechain Price Prediction . VeChain has increased by 5.78% in the previous 24 hours. It has gained 5.88% in the last seven days, according to data from the previous seven days. At press time price of […]

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VeChain (VET) Sends Bearish Signals? Analyst Points Key Levels

VeChain has followed the general sentiment in the market and it’s currently trading in the green. Its 24-hour profits stand at 7.8% with VET’s price exchanging hands at $0.053. Related Reading | VeChain Foundation Announces New Stablecoin, Could It Create Fresh Demand For VET? In a recent video posted on his YouTube channel, analyst Justin Bennett looked into VeChain as the sell-off across the crypto market seems to slow down. As seen below, on the weekly timeframe, the analyst believes VET’s price is yet to come out of the wood. As the chart shows, VeChain broke an important trendline on the aforementioned timeframe as it failed to hold above the $0.060 level. Given the relentless selling pressure that led to a breakdown in that structure, Bennet believes “the market doesn’t look all that great”. As long as VET is unable to break above its current levels and return to its weekly trendline, bears could continue to push the price back to critical support. In order for bulls to have a chance at a climb back to previous highs, VeChain must reclaim the $0.060 level in the short term. Bennett said: It would have to close the day above $0.0650 before it starts to move back to $0.10, $0.12, etcetera. Until that day I think you have to be careful, and you have to realize that the downtrend is still intact. In case of further downside action, the analyst determined that the $0.0350 area could operate as critical support. In 2021, this level operated as an early resistance and later as key support when the crypto market trend lower after May. Related Reading | VeChain Foundation Welcomes New DEX To Its Ecosystem Therefore, VeChain (VET) is currently at a major crossroad that could determine its price action for the coming months. Potential Scenarios For VeChain (VET) In addition to $0.065, $0.035 will be a “level to pay attention to” in case a new lower high comes into play. If the level holds, investors could have an important region for accumulation. In the coming days, the most like scenario, Bennett claimed, could be a move into resistance for VeChain (VET), Bitcoin (BTC), and Ethereum (ETH). However, he expects those levels to be hard to break and will determine if VET will continue its move into $0.08 or $0.03. Related Reading | VeChain’s DEX To Launch Governance Token And Yield Farming Program In the VET/BTC weekly timeframe, VET has formed an ascending triangle that just hit critical support and could operate as support for that potential move into resistance in the coming days.

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How This VeChain Tool Will Aid Enterprises To Reduce Carbon Emissions

The VeChain Foundation recently revealed a new tool that will be used to speed and improve efforts to reduce carbon emissions. This has become a major challenge in China, as the Asian giant prioritizes the reduction of its atmospheric pollution to 0 in the next decades. Called Digital Carbon Footprint SaaS Service, this VeChain-based tool is designed to help companies to change their carbon footprint by improving their data management practices, according to an official post. The Foundation claims that their new tool has combined decentralized ledger technology with a SaaS (Software as a Service) business model. This is how carbon emissions data reported by companies is legitimized and verified. Thus, VeChain and its tool help remove the trust issue in this important area, increase transparency, and improve the collection of data for a supply chain. Later, the data can be used by enterprises to track down the sector on the supply chain that needs to performed better to offset carbon emissions. VeChain’s Digital Carbon Footprint SaaS Service allows enterprise users to log key data and integrate it with world-leading third party assurance providers within VeChain’s partnership network. The VeChain Foundation claims that carbon emissions and responsible corporate social decisions have become a “massive global focus”. This has been increased by the COVID-19 pandemic. Therefore, consumers need tools that provide reliable information about these key items. Thus, their solution, the VeChain ecosystem, companies, and their reputation, and ecofriendly practices, all benefit from this technology. The Foundation stated: VeChain’s services provide an opportunity for businesses to amplify transparency and dramatically change the way consumers view carbon labelling. By leveraging VeChain’s intuitive Digital Carbon Footprint SaaS platform. VeChain (VET) On A 50% Monthly Rally, Next Potential Price Target In the coming decades, as China and the entire world try to migrate to more sustainable economies, VeChain and its solution could gain more importance. Decision-making, as the Foundation said, at a national and corporate level is becoming more “data-driven”. Therefore, scalable platforms, such as the Digital Carbon Footprint SaaS Service, could be a must for any company to carry on operating in a world that demands more transparency, and more social awareness. Over the past months, VeChain has consolidated and launched several solutions and partnerships. As NewsBTC reported, their collaboration with the Republic Of San Marino to provide COVID-19 vaccination certificates secure by blockchain VeChainThor. Its native token VET seems to have positively reacted to these events, as it records a 52% profit in the 30-day chart and 6.7% profit over the past two weeks. At the time of writing, VET trades at $0.11 after a retracement following the general sentiment in the market. As pseudonym trader VeChain Justin showed in the chart below, VET must reclaim the green area around $0.12 to reclaim support and have a chance at further appreciation. More downside could lead the token back below the $0,10 levels.

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VeChain Ready For Big Moves: Analyst Identifies Key Factors That Will Drive VET To New ATH

Crypto analyst and YouTuber, Crypto ZX has released an update on VeChain (VET) price movements, predicting a surge to new all-time highs if the cryptocurrency succeeds in breaking certain resistance levels.  Catalysts Behind VETs Projected Price Surge In a YouTube video released on Monday, Crypto ZX explored VeChains historical and recent price actions, emphasizing a potential for an upward trajectory as market down trends subside. The analyst delved into VeChains recent performance in relation to Bitcoin, offering insights into key resistance levels and projecting a major surge during the anticipated 2024 bull run.  Related Reading: Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure According to the Crypto ZX, VeChain previously broke above a significant price resistance on December 20, 2023, reaching almost $0.039 before undergoing a subsequent pullback. Despite an attempt to breach the same price resistance on January 11, 2024, the cryptocurrency faced a notable rejection.  Crypto ZX has suggested that VeChain may be consolidating around the $0.03 price range. Nonetheless, the cryptocurrencys expected goal is to experience a surge beyond the crucial resistance level at $0.033 cents.  The analyst has revealed that a break above the resistance level would give VeChain a greater chance to surge to new highs. He predicts that if VeChain can overcome current resistance levels, then the price of the cryptocurrency could rise as high as $0.04425 cents. Crypto ZX explains that the markets recent downturn has led to VeChains fluctuating price movement along the support line. He anticipates a retracement of around 17.26% from the key resistance level and predicts that VeChain could surge to new yearly highs if Bitcoin succeeds in surpassing the crucial levels at $46,000. At the end of the day all are speculations, but I am very optimistic about the price of VeChain for the year 2024. I think it is going to shock a lot of people, Crypto ZX stated.  VeChain Price Update In his YouTube video, Crypto ZX provided an update on VeChains recent price movements and current value. According to the analyst, VeChain is down about 2.3% on the daily time frame. He reveals that the majority of the market is also down currently due to Bitcoins recent pullback. Related Reading: Bitcoin, Solana Take Center Stage In $721 Million In Institutional Inflows At the time of writing, VeChain is trading at $0.027, reflecting a decrease of 1.51% in the past 7 days, according to CoinMarketCap. The analyst revealed that the cryptocurrency is also down by 1.9% in BTC, compared with the market capitalization, which is holding very strong above the $2 billion mark.  Crypto ZX has disclosed that despite the traction gained by VeChains ongoing projects and developments, the cryptocurrency has not reflected the impact. He emphasized that VeChain is undervalued, considering the overall expansion and advancements the cryptocurrency has undergone. VET shows strength at $0.02 | Source: VETUSDT On Tradingview.com Featured image from Facts.net, chart from Tradingview.com

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VeChain Ready For Blast-Off: Crypto Analyst Predicts VET Price To Rally 14,600%

Crypto analyst Egrag Crypto has put out an ultra-bullish price prediction for VeChain (VET), which the analyst predicts will achieve significant gains soon enough.  VeChain To See A 140x Gain Egrag mentioned in an X (formerly Twitter) post that the VeChain token could see a 50x or 140x gain. He further highlighted how the crypto token could achieve any of this move to the upside. Analysing the chart, he stated that a 50x move could be in play if VET sees a similar percentage increase to the one that occurred around 2019.  Source: X Back then, VET is said to have seen a 5,892% increase. Egrag predicts that the crypto token could rise to $0.9 if this move is indeed in play. Meanwhile, for the 140x gain, the analyst claimed that this move could be in play if the market eventually witnesses a similar percentage increase to the one around 2021 when VETs price increased by 14,638%. Related Reading: Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural, Rally Imminent? That was when the crypto token hit its all-time high (ATH) of $0.27. Egrag predicts that VET could rise to as high as $2 if this is the move that ends up materializing. This prediction also means that VET will likely see a new ATH in the next bull run.  This is not the first time Egrag has offered a bullish price prediction for the VET token. Last year, the analyst predicted that VET could rise to $1.6 based on historical patterns. This prediction came after the crypto token made an impressive surge of 77%, hitting price levels unseen since May 2022.  Big Moves Still Lie Ahead For VET IEgrag isnt the only analyst who has recently laid out a bullish narrative for the VeChain token. Crypto analyst and YouTuber Crypto ZX also gave an analysis where he predicted that the crypto token could hit new ATHs if it succeeded in breaking certain resistance levels. One level he highlighted then was the $0.033 mark. Related Reading: Crypto Platform Which Predicted Bitcoin To Reach $50,000 Has Released A New Target The analyst had also suggested that VET was currently in a period of consolidation as it gears up for another move to the upside. On the next leg up, Crypto ZX predicted that the crypto token was going to surge above the $0.033 resistance level. The analyst further revealed that a move above that level would be vital to unlocking new highs.  Interestingly, VeChain has since risen above that level. At the time of writing, the crypto token is trading at $0.0474, up over 5% in the last 24 hours, according to data from CoinMarketCap.  VET price at $0.048 | Source: VETUSDT on Tradingview.com Featured image from Adaas Capital, chart from Tradingview.com

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Can VeChain Reach New Heights? Analyst Predicts Potential Bull Run

Bitcoins bullish momentum has fueled the crypto market to an upward trend. As the flagship cryptocurrency rises to the $52,000 level, several other cryptocurrencies follow its steps closely and exhibit signals of a possible bull run. Accordingly, a renowned crypto analyst has predicted a potential bull run for VeChain (VET) that could lead the token to a new all-time high (ATH). Related Reading: Bitcoin Price Rally To $75,000 Imminent Due To Massive Cup And Handle Pattern Will VeChain Repeat History? Crypto analyst Ali Martinez has shared his prediction for VET this week. The analyst believes history could repeat itself, and the cryptocurrency may see its biggest week in years. According to Martinez, VET seems to be repeating historical patterns that preceded the 2021 bull run and saw the tokens price rise to its all-time high price. In the X (former Twitter) post, the crypto analyst predicted that VET could surge to the $0.054 price range, a level it has not reached since April 2022. The chart below shows the 595-day consolidation period that preceded the 2021 bull run. The cryptocurrency moved sideways during this period before eventually breaking out and reaching its ATH of $0.281. 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 Similarly, the chart indicates the current 644-day consolidation period in 2022. If history repeats this week, Martinez believes VET’s pattern could follow the 2021 trend and drive the tokens price upwards to $0.054. The analyst also predicted a potential price correction that would last until June. After the correction, Martinez predicts a bull run that would skyrocket the cryptocurrency price to $0.70 by November of this year. This long-term prediction would triple VETs previously established ATH. VET Price Action As previously reported, VETs price broke above a significant resistance level in December 2023 before suffering a pullback. In January 2024, the cryptocurrency faced another rejection following an attempt to break out of the same $0.03 price resistance. Following the recent Bitcoin rally, VET has been tracking its movements, mirroring a trend similar to that of the flagship cryptocurrency, as the chart below shows. VET's price movement follows a similar trend to BTC during the last 7 days. Source: CoinGecko At writing time, VET is trading at $0.04625, a 5.1% surge in the last hour and a 32.3% surge in the previous 24 hours. According to CoinGecko data, cryptocurrency takes the 34th spot in market capitalization. VeChain has a daily trading volume of $195 million, representing a 68.5% increase in one day. These metrics suggest a rise in market activity for the cryptocurrency and hint at a positive sentiment among investors. However, despite Martinezs prediction, VETs price has a long road ahead as it is still 85.33% lower than the all-time high price achieved three years ago. Related Reading: Ethereum Bulls Keep Pushing, Why ETH Could Soon Test $3K VET price action in the 1-day chat. Source: VETUSDT on TradingView.com Featured image from Unsplash.com, Chart from Tradingview.com

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Analyst: VeChain Enters Buy Zone, Should You Jump In?

On the weekly timeframe, a crypto analyst named Egrag explained on Twitter that VeChain (VET) is currently in a buy zone. He further explained the details of its possible price behavior using trading charts and noting recurring patterns. VET is in the green today, holding onto its gains from yesterday’s closing price.  Egrag’s Analysis on [...]

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