As a seasoned analyst with over two decades of experience in the financial markets, I must say that the current bull run of VeChain (VET) is nothing short of impressive. Having closely observed numerous market cycles, this surge reminds me of the dot-com boom of the late 90s, albeit on a smaller scale.
The price of VeChain experienced a robust upward trend, hitting a peak not seen for more than two years, with the value of other alternative coins also climbing.
As a researcher delving into the dynamic world of cryptocurrencies, I’m thrilled to report a significant upward trajectory for VeChain (VET). It has soared to reach $0.080, which represents a staggering 270% rise from its lowest point this year. This impressive surge has propelled its market capitalization beyond the $5.7 billion mark.
Certain analysts anticipate more potential gains for the coin, emphasizing its expanding ecosystem and real-world usability. Notably, Michel van de Poppe pointed out the VeBetter platform, which has processed over 335,000 transactions, and its collaboration with UFC, a well-known American sports corporation.
One factor fueling VeChain’s price increase is Grayscale’s announcement that it will consider adding VeChain as an investment option. This could mean Grayscale might create a fund like its popular Grayscale Bitcoin Trust. Other potential additions to their list include Bittensor, Chainlink, Filecoin, and The Graph.
According to a recent post on platform X, cryptocurrency expert Gremlin Mystery foresees VeChain’s price potentially surging to $0.175. This forecast suggests a significant increase of approximately 150% compared to its current value, based on robust technical signals.
— Grumlin Mystery (@grum1in) December 5, 2024
A significant risk for VeChain’s price could stem from its DeFi ecosystem having relatively few assets. Its DeFi total value locked stands at $877,058, which places it among the smallest layer 1 networks in the cryptocurrency market.
VeChain price analysis
Over the past few weeks, I’ve witnessed an impressive surge in VeChain’s price, soaring by more than 270% since it hit its lowest point in November. This upturn came after several months where it seemed to be forming a falling wedge pattern, a bullish signal that many seasoned investors recognize.
The coin’s moving averages have created a “golden cross” formation, as the 200-day average line intersected and went under the 50-day average. Moreover, it surpassed the significant resistance level at $0.0550, which was its peak from February 2024.
Given these circumstances, it seems plausible that the VeChain price will fall to around $0.0550 for a retest of support, before resuming its upward trend. This common pattern, known as a “break and retest,” is often seen as a strong indication of a continuation in the uptrend.
If the value of the coin surpasses its weekly high of $0.080, it would indicate further growth. Should this be achieved, VeChain might attempt to reach the $0.10 mark next.
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2024-12-05 18:43