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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Blast From The Past? Analyst Identifies Pivotal Summer For VeChain With This Bullish Fractal

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Cardano price

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Over the past few weeks, the price of VeChain (VET) has struggled to live up to the promise and vigor it showed at the start of the year. This has been the story with a significant portion of the cryptocurrency market, with several large-cap altcoins down by double-digits in the past month.

However, the VeChain token has been a hot subject of discussion in the circle of cryptocurrency analysts and pundits. Popular crypto analyst Ali Martinez is amongst the latest to put forward future projections for the token.

Can VeChain Price Reach $0.6 By December 2024?

The crypto pundit took to the X platform to share an interesting update on the monthly chart of the VET price. According to Martinez, the cryptocurrency is gearing up for a price rebound this summer, which might be crucial to its performance in the rest of the year.

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This projection is based on the return of a previously identified consolidation range in the VeChain price, with the analyst suggesting that the token could follow this historical fractal. Martinez pointed out that the fractal appeared in 2020 when VET’s price reached its all-time high of $0.281.

Most recently, VET broke out of a consolidation range following its significant price surge to $0.04664 in February. The altcoin has been experiencing a price correction since then, although what looks like a “resistance retest” seems to be complete. 

According to Martinez, the price of VeChain is set for a “rebound” this summer after retesting the channel’s upper boundary at around $0.32. Following the price recovery, the analyst said the cryptocurrency is likely to experience a “potential explosive growth” in the fall.

VeChain

A monthly price chart of VET showing the fractals | Source: Ali_Charts/X

As highlighted in the chart above, VET’s price could travel as high as $0.6 by December 2024. If this fractal does play out as the analyst anticipates, the price target would be a new all-time high and a massive 1,600% surge from the current price point.

VET Price Overview

As of this writing, the VeChain token is valued at  $0.03469, reflecting a 2.6% price dip in the last 24 hours. VET’s struggles in the past day underscore the altcoin’s sluggish performance on even broader timeframes.

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According to data from CoinGecko, the cryptocurrency is down by 7% and 23% on the weekly timeframe and monthly timeframe, respectively. Nonetheless, VeChain has managed to retain its position amongst the top 50 largest cryptocurrencies, with a market capitalization of more than $2.5 billion.

VeChain

The price of VeChain continues its downtrend on the daily timeframe | Source: VETUSDT chart on TradingView 
Featured image from Pexels, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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