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Periodic rises in different altcoins continue, and analysts are now turning their attention to VeChain (VET) for the next potential gain. On Tuesday, December 19, VeChain (VET) broke its critical resistance of $0.033 and experienced a 7% increase. This movement could be a sign of a major rally that could occur over the next month.
Will VeChain (VET) Price Rise?
At the beginning of December, VeChain (VET) reached its highest level for the year 2023. This value was $0.041153 and was calculated as the highest level in 84 weeks. It indicated a value increase of 180% from the periodic low in September.
Although VeChain closed the week starting on December 11 below the peak of $0.041153 at $0.02946, the current week witnessed a new attempt to test the annual price peak of VET.
According to a recent analysis, notable analyst Ali Martinez highlighted VeChain, which has a remarkable structure but is overlooked and referred to as China’s Ethereum. According to Martinez, VeChain is going through a consolidation phase similar to the years 2018-2020.
According to Martinez’s view, if this price chart continues, VeChain (VET) could stay above the $0.033 resistance level in the next two weeks and potentially delight investors with a significant rise. The optimistic scenario presented by Martinez could trigger a rise to $0.077 by the end of January, a 150% impressive increase.
VET Price Prediction for 2024
Another prominent analyst, EGRAG, recently provided striking price predictions for VeChain (VET) for 2024 and beyond. EGRAG also highlighted the price movement that led VET to its all-time high in 2021, emphasizing the token’s notable price pattern. In line with the emerging trend, EGRAG emphasized three different price levels for investors to follow.
The first price target indicated by the analyst was $0.11642, expected to be reached in 2024. Furthermore, EGRAG also pointed to an extremely optimistic scenario for VET in 2024, suggesting that the token could experience significant growth of 800% to reach a level of $1.05737.
Even more striking was EGRAG’s prediction of a possible explosive return of over 7,700%, with a $2.3 target.
