VeChain: Analyst Identifies Pattern That Could Push VET To $1

Paigambar Mohan Raj
Source – Bitpanda

VeChain (VET) seems to be gaining momentum after facing a 9.6% correction in the 14-day charts. The asset is up by 4.2% in the daily charts and 1.9% in the weekly. Moreover, VET’s price has surged by nearly 86% since March 2023.

Source: CoinGecko

Also Read: Should You Buy VeChain (VET) During the Ongoing Bull Run?

However, with Bitcoin’s (BTC) halving just around the corner, we may witness another market-wide rally soon.

VeChain (VET) predicted to hit $1

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According to crypto analyst EGRAG CRYPTO, VET displays a cloning pattern, which could take the asset to $1.6. The analyst states, ‘I’ve applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that VET may be gearing up for some exciting moves.

Hitting $1.6 from current levels would translate to a growth of almost 3710%.

Also Read: VeChain: Here Is When VET Could Hit $1

However, not everyone is as bullish as EGRAG CRYPTO. Changelly does not anticipate VeChain (VET) to breach the $1 mark this year. In fact, the platform does not expect VET to hit $1 anytime before 2032, about eight years from now. Changelly anticipates VET to hit a price of $1.03 in May 2032.

CoinCodex also does not project a bullish outlook for VeChain (VET). The platform anticipates VET’s price to consolidate even during Bitcoin’s (BTC) halving. CoinCodex predicts VET to trade at $0.043 on Apr. 12, 2024, a rise of about 2.3% from current levels.

Source: CoinCodex

Also Read: VeChain: ChatGPT Explains When VET Could Hit All-time High

However, it is also possible that VeChain (VET) will change its outlook over the next few weeks. If BTC reclaims its all-time high, there is a chance that we will witness a market-wide rally. In such a scenario, we may see a VET rally as well.