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Bitcoin (BTC) has been leading a recent surge in the cryptocurrency market, while VeChain (VET) had initially lagged behind. VET experienced a loss of approximately $0.01 between December 2023 and the end of January 2024 during a turbulent period for the entire crypto world. However, the general market recovery has also reflected on the altcoin, compensating for about 45% of its losses to date.
VeChain (VET) Price Projections
VeChain has seen a 13.07% increase over the last 7 days, trading at $0.032 at the time of writing. Considering its performance so far, crypto analyst Captain Faibik (@CryptoFaibik) has indicated that VET could potentially experience a 600% increase in the medium term.
According to Captain Faibik’s analysis, a sharp breakout beyond the resistance level in a limited timeframe could pave the way for the expected rise.
The chart presented by the analyst shows that VET’s price has been moving within a parallel channel between $0.034 and $0.011 since May 2022. VET has tried to break the upper boundary three times this month but has not succeeded. However, Captain Faibik suggests that this trend could reverse soon.
VET’s Market Target
According to Captain Faibik, such a breakout could trigger VET’s medium-term price movement and raise its price to $0.21. Faibik’s chart reflects a 667.19% increase if this happens.
Looking back at VET’s history, it reached an all-time high (ATH) of $0.25 in 2021, and Faibik’s prediction indicates that these levels could be regained and even surpassed.
Moreover, Captain Faibik’s bullish expectation, following the Bitcoin ETF and before the BTC halving, aligns with the anticipated rise in cryptocurrencies in 2024.
VeChain CEO Sunny Lu described 2024 as a pivotal year for VeChain in a statement last month.
While recent performance on the VeChain front may seem lackluster, Captain Faibik’s analysis still fuels investor excitement. Another analyst recently shared an analysis suggesting that VeChain could rise to $1.6 within a certain timeframe.
