VeChain (VET) has achieved a significant milestone by recording the Golden Cross, a trading chart pattern that indicates a bullish breakout in the long term. This development has led to speculation that VET could experience a massive 3000% rise in the coming year, similar to what it achieved in 2021.
In the past year, VeChain made headlines with a staggering 3000% gain, reaching its all-time high price of $0.28. However, since then, its value has declined, hitting a low of $0.0147 in September. Although it has seen some recovery, it is still far from its peak. Nevertheless, an analyst believes that the current bull market presents an opportunity for VET to replicate its 2021 rise.
Currently, VET is trading at $0.0303 and has remained within the same range over the past 24 hours. In the last week, it has experienced an 11.5% decrease, dropping from a weekly high of $0.036. Despite this, there has been a sharp increase in interest for the token, with a 90% surge in the past day, resulting in a trading volume of $84.5 million. However, VET still ranks among the ten cryptocurrencies with the lowest trading volumes in the top 50.
However, according to an analyst known as AJ, the tides could soon turn in favor of VeChain. AJ points to the recent Golden Cross formation as an indicator of a potential bullish breakout. The last time VeChain experienced a similar trend, it saw a spike of over 3000% in the following year.
AJ predicts that VET could reach a price target of $1.14 by October this year, which would be its highest price ever. This would also elevate its market cap to $82.9 billion, making it the third-highest cryptocurrency after BTC, ETH, and USDT.
While this projection is extremely optimistic, it is worth noting that when VET achieved a 3000% spike in the past, it was one of the hottest coins in the market, with a market cap well below a billion dollars. With the emergence of new projects today, some of which have the potential for significant growth, VET faces increased competition. For example, the meme coin BONK, based on the Solana blockchain, recently gained a staggering 7300% in 2023, the highest among all coins.
Despite these challenges, there are factors that support a bullish outlook for VET. The continued adoption of VeChainThor, its underlying network, is one such factor. Recently, the network surpassed two million daily transactions for the first time, signaling its growing popularity.
VeChainThor has also become synonymous with the sustainability movement, thanks to its partnership with the Boston Consulting Group. This collaboration incentivizes users to participate in sustainable actions, highlighting the potential of blockchain technology in shaping the future.
In conclusion, VeChain (VET) is experiencing a Golden Cross formation, indicating a potential bullish breakout. While some analysts predict significant growth for VET, it faces challenges due to increasing competition in the market. Nevertheless, its strong fundamentals and adoption of VeChainThor support a positive outlook for the token.
