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In recent weeks, VeChain’s (VET) price performance has undergone a challenging period, lacking the vibrancy and momentum it initially promised. This situation has become a focal point for a significant portion of the cryptocurrency market, with many major volume altcoins experiencing double-digit declines last month. However, VeChain (VET) has become a lively topic of discussion among cryptocurrency analysts and experts. Notable crypto analyst Ali Martinez is among those presenting the latest evaluations regarding future projections.
Can VeChain Surpass the $0.6 Level?
Crypto expert Martinez recently shared an intriguing update on the monthly VET chart from the X platform. According to his analysis, a recovery in VET’s price is expected this summer. This situation could be crucial for the cryptocurrency’s performance for the remainder of the year.
This projection is based on a return to a previously defined consolidation range in the VeChain price. According to the analyst, the token could follow this historical pattern. Martinez pointed out that this pattern emerged in 2020 when VET’s price reached its all-time high of $0.281.
VET Exits Consolidation Range
The cryptocurrency VET exited a consolidation range after reaching a significant price increase to $0.04664 in February. The altcoin has since been experiencing a price correction. However, what appears to be a “retest of resistance” seems to have been completed.
According to Ali Martinez, VeChain’s price, after retesting the upper boundary of the channel around $0.32, is set for a “recovery” this summer. Following the price recovery, the analyst mentioned that the cryptocurrency could experience “potential explosive growth” in the fall.
As highlighted in the above chart, VET’s price could rise up to $0.6 by December 2024. If this pattern occurs as the analyst predicts, the price target will reach an all-time high. Additionally, this would represent a massive increase of 1,600% from the current price point.
General Overview of Altcoin VET Price
The VeChain token is currently trading at $0.035, experiencing a 2.6% decline over the last 24 hours. During this period, VET has faced challenges, indicating a stagnation in the altcoin’s longer-term performance.
According to data, VET has seen a 7% weekly and a 23% monthly decline. However, with a market value exceeding $2.5 billion, this volatility has maintained VET’s position among the top 50 cryptocurrencies. This situation demonstrates VeChain’s sustained presence and potential in the market.
