Is VeChain’s Consolidation Signaling a Future Breakout To $1.8?

Juhi Mirza
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With VeChain rising high in metrics, investors and analysts are closely monitoring VET’s progress and price ascent. 

A notable crypto analyst on X, VeFam, was quick to point out VET’s current consolidation phase. The analyst shared details on how VET can soon break out in a bullish trend. 

With other projections in sight, analysts are forecasting VET to climb the highly ambitious $0.071 mark by April 2024. 

Also Read: VeChain Made Golden Cross Last Seen in 2022: Can VET Hit $0.1?

Is VeChain Eyeing $0.071?

With the altcoins season frenzy catching pace, notable analysts are coming up with predictions concerning their favorite crypto coins. 

A notable analyst on X, VeFam, has joined the prediction spree, sharing details on VET’s future price. 

VeFam later shared a chart X, outlining VeChain’s current price trajectory. The analyst noted how VET is showing signs of consolidation at $0.050, signaling a potential bullish breakout. 

A consolidation phase of an asset is often dubbed an indecisive trajectory, which can compel the asset to trigger a new trend. This often means that the asset may soon break into a bullish streak, considering the recent positive market momentum. 

Also Read: VeChain Poised For a Meteoric Ascent: Here’s Why

Analysts predict VET to reach $1.8 by October 2024.

Egrag Crypto, noted for making insightful crypto forecasts on X, has brought forth an interesting prediction. 

Per the analyst, VET will break into its most bullish streak in October 2024, with its price rising as high as $1.8. Egrag Crypto later shared his reasoning, adding that VET is poised to gain momentum soon.

 ”#VET has entered the Descending channel 📉 which is #Bullish 📈. However, closing above Fib 0.5 which is coinciding with the Blue Trend line around 0.062c is the most critical stage for #VET.” The analyst shared