Crypto Alert: VeChain Bull Run Imminent, Expert Predicts 500% Rally

Christian Encila

Last Updated: July 11, 2024 9:46 am

3 mins read

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The supply chain management-oriented blockchain VeChain (VET) is causing buzz among crypto enthusiasts. VET is seeing a boost in investor confidence following a period of stabilisation because to a recent price rise and encouraging technical signs.

However, analysts remain cautious, highlighting the inherent volatility of the crypto market and the need for a measured approach.

Resurgence And Resistance

Investors are looking to other perhaps lucrative cryptocurrencies as the top cryptocurrency has been trading sideways for more than a month. However, the last twenty-four hours have presented an other viewpoint that might help VeChain rewrite the story in their favour.

With a remarkable 3% price increase, VET has withstood the larger market malaise over the last day. After reaching a critical support level, this resilience suggests a possible reversal of the current downturn.

VET price action in the last 24 hours. Source: Coingecko.

VET is currently under a critical test set at 0.04 resistance level. While a rejection might cause a stop or even a decline, a successful breakout above this barrier could drive the price much higher.

Technicals Whisper Bullish, Analysts Take Cautious Note

Technical experts have sent positive signals based on the current price activity. There is hope following the technical indication of a trend reversal from a “Falling Wedge”.

Popular crypto analyst World of Charts has set a lofty target price increase of 500% in the coming weeks.

$Vet

Bouncing From Solid Support (Accumulation Zone Area) Successful Retest Can Lead Massive Bullish Wave In Coming Weeks Expecting 400-500% Bullish Wave#Crypto #Vet #Vechain pic.twitter.com/r2eryHNEDL

— World Of Charts (@WorldOfCharts1) May 16, 2024

Seasoned investors, however, are aware that technical study is only one component of the jigsaw. VET’s price path can be greatly influenced by general market mood as well as unanticipated developments.

VET’s Long-Term Potential

Although the short-term price forecasts present a nice picture, VET’s actual worth resides in its underlying technology. The emphasis on supply chain solutions by VeChain has drawn alliances with big companies like DNV GL and Walmart China.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

These joint projects show the practical uses of VeChain’s blockchain system as well as its ability to challenge established supply chain management strategies. Whether or not short-term price swings affect long-term development for the VET token, increasing acceptance of VeChain’s technology by companies could translate to such development.

A Calculated Approach Is Key

The next weeks will be a trial of VeChain’s technical capacity and market confidence. A good breakout above the $0.04 resistance level might start a period of steady expansion.

Nevertheless, VeChain’s long-term potential depends on its capacity to provide actual value by means of its creative blockchain solutions, independent of the short-term market behaviour.

Featured image from PBR, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.