VeChain Is A Top Pick For 2024, Analyst Says VET Can Hit $1.14

Vignesh Karunanidhi
VeChain Is A Top Pick For 2024, Analyst Says VET Can Hit $1.14
Source: The Coin Republic

VeChain (VET) has bounced back above key support at $0.03, stabilizing its price action after a steep correction in recent weeks. More importantly, VET’s charts are now flashing a highly bullish technical indicator that previously kicked off an explosive multi-year rally for the blockchain project.

As noted by crypto analyst AJ on X, the VeChain token has printed a coveted “golden cross” pattern on its two-day chart. This occurs when a faster-moving average crosses above a slower-moving average, signaling bullish momentum alignment across different time frames.

Also read: Top 3 Cryptocurrencies To Watch In 2024

VeChain could hit $1.14 by October

The last golden cross emergence came in June 2020 and preceded a parabolic 3,062% VET price surge over the next 300 days. Exhibiting that magnitude of return this time would hypothetically take VET to $1.14 by October 2024, according to AJ’s projection.

Of course, past performance never guarantees future returns, especially with volatile crypto assets. Nonetheless, market technicians view golden crosses as precursors of strong upside.

In the nearer-term timeframe, VET appears to have halted its slide with a successful retest of support at $0.03.

Also read: Ripple (XRP) or Cardano (ADA): Which Coin Will Hit $1 in January 2024?

“As long as $0.03 continues to hold, watch for a rally to $0.035 which is resistance,” noted analyst Teshkid. “A reclaim of $0.035 then $0.038 and $0.04 will be my next targets.”

Breaking below $0.03 support risks kickstarting VET’s next leg lower, with Teshkid eyeing $0.024 as the next key downside zone in that scenario.

Of course, with altcoins, predicting precise targets or dates for massive rallies amounts to educated guesswork at best. Yet, VeChain VET flashing its golden cross along with recovering from its recent plunge appears to be a constructive combination for bulls after a brutal 2022 bear market.