The post Expert Predicts VeChain to Claim a New ATH of $0.63 appeared on BitcoinEthereumNews.com.

Amid the ongoing VeChain (VET) uptrend, a prominent market commentator expects further price growth to at least double the 2021 all-time high. Notably, VeChain (VET) has captivated the market with an impressive rally so far in December, surging by nearly 40% within the first three days of this month. This uptick follows its outstanding 116% rally in November, making VET one of the best performers of the month. Despite a retracement from a multi-year peak today, VET maintains the $0.06 level. As a result, analysts expect more upside in the coming weeks. Market watcher EGRAG has forecasted that VET could potentially climb by 3,000% in the next 100 days. He based his prediction on patterns from VET’s price action, which mirrors its previous market cycles.  VET in a Bullish Phase According to the accompanying weekly chart, VET appears to have entered a bullish phase. The chart outlines important features that support EGRAG’s bullish outlook. For context, last year, VET broke out of a prolonged descending channel, which spanned several years. This breakout indicated a shift in momentum. A key milestone was the Break of Structure (BOS), a bullish signal marked by the breakout above prior resistance levels. Notably, following this breakout, VET leveraged the first phase of the bull run to hit a peak of $0.055 in February 2024. However, as the market corrected, VeChain witnessed a massive 65% from the $0.055 peak, reaching a low of $0.01890 in August 2024.  VeChain 1W Chart | EGRAG Crypto Interestingly, this decline mirrored a similar drop in VET’s past market cycles, as identified by EGRAG. In these previous cycles, the drop preceded a strong rally. EGRAG believes VeChain will replicate the bullish pattern from the previous cycles in the ongoing season. Notably, since the 65% drop, the asset has embarked on an…

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Filed under: News - @ December 3, 2024 8:25 pm