VET, the digital asset of VeChain, has been receiving positive predictions from multiple analysts. Captain Faibik, a crypto analyst, anticipates a significant surge of 600% in the midterm. Meanwhile, crypto analyst Michaël van de Poppe suggests that altseason could begin soon.
Despite the ongoing bearish trend, VeChain has been attempting to break its resistance level at $0.04987. However, these efforts have been unsuccessful, resulting in a 1.2% decline in the last 24 hours and an 8.9% decline in the last 30 days. Currently, the price of VET stands at around $0.04509, but its 24-hour trading volume has increased by 56.9% to reach $92 million.
Analysts find hope in VET’s weekly surge of 4%, which indicates strength and resilience, signaling a bullish outlook. Crypto Yapper, a renowned crypto analyst, highlights the asset’s technical chart, which shows a strong invalidation of the bearish breakdown and a return to a bullish pattern formation. According to Crypto Yapper, this indicates growing market confidence among investors. However, the asset’s ability to sustain an upward trajectory will depend on its capacity to breach its resistance level.
Captain Faibik, another crypto analyst, has examined the macro chart of VET and observed bullish patterns that could lead to a 600% price growth in the midterm. This suggests that VET could reach $0.26886. The analyst attributes this bullish outlook to the underlying fundamentals and growth prospects of VeChain. Investors who exercise patience could be rewarded with significant profits in the long run.
The potential bullish trend of VeChain has also been confirmed by World of Charts, a page focused on price analysis, in a recent tweet. They state that VET has already confirmed a breakout and retest, and could experience a significant surge in the coming weeks.
While altcoins have been at their lowest, awaiting the expected rally after the Bitcoin halving event, retail investors seem to have lost interest in them. Michaël van de Poppe warns that these opportunities do not come often and urges investors to take interest in altcoins.
VeChain is well-known for its supply chain capabilities, providing transparent tracking and verification for products at every stage of the supply chain. The platform utilizes the Internet of Things (IoT) to promote product authenticity, combat counterfeiting, and enhance trust in supply chains.
Recently, VeChain collaborated with Gresini Racing to launch a new digital asset tokenization platform called MaaS. They also introduced VeBetterDAO, a sustainability platform for decentralized app systems. These developments, along with other factors, are expected to be the primary catalysts for the predicted rally of VET.