VeChain (VET), a blockchain platform designed to streamline supply chain management and business processes, recently faced the brunt of a broader market downturn. The cryptocurrency dipped below the $0.23 mark, causing concern among investors. However, in a recent positive development, VET has shown signs of recovery, rebounding by 0.5% in the past 24 hours to trade at $0.022.
Despite this short-term uptick, VET remains under pressure, with a 7.6% decline over the past 30 days and a 20% drop in the last 90 days. However, cryptocurrency analyst RichBitLord has provided a more optimistic outlook on the asset’s long-term trajectory.
The analyst believes that the recent corrections are normal market fluctuations and that VET is still on an upward trend. This assertion is supported by the cryptocurrency’s current price action, which aligns with historical patterns.
Historical Patterns and Future Predictions
A notable similarity can be drawn between VET’s current performance and its behavior in 2022. After experiencing a significant correction, VET rebounded strongly, reaching the $0.020 mark. Analysts suggest that if VET can successfully hold above the critical support levels of $0.019 and $0.025, it could position itself for a substantial bullish rally.
Renowned analyst EGRAG CRYPTO, has made a bold prediction for VET, suggesting that the cryptocurrency could surge by a staggering 4,324%, potentially reaching $1 by the end of the current cycle. This prediction is based on a technical analysis of VET’s historical price patterns and current market conditions.
Another analyst, Alan Santana, has drawn parallels between VET’s current situation and its performance in 2019. Santana believes that VET/BTC pair is currently at a five-year low, similar to its position in 2019. This marked the end of a bearish cycle and the beginning of a bullish trend, with each subsequent wave stronger than the previous one.
Also Read: VeChain (VET) Price Update – Why Analysts Predict A Bullish Rebound From $0.0226 Support
As the cryptocurrency market continues to evolve, it is crucial for investors to conduct thorough research and consider expert opinions before making investment decisions. While VET‘s recent performance has been mixed, its long-term potential remains promising, particularly given its strong fundamentals and growing adoption in the supply chain industry.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
