VeChain’s (VET) price had been slumping for most of 2023. However, the token began to generate steam towards mid-October and recently hit a yearly high of $0.038. VET is up nearly 20% in the 14-day charts and over 66% since the previous month. Since January, the token has rallied by over 130%.
However, VeChain (VET) could reach much higher levels, according to some crypto analysts. Analyst Egrag Crypto recently took to X and stated that VET hitting a price of $1.60 is a “feasible goal.”
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The analyst presents two price trajectories, “Move A” and “Move B.” The analyst highlights that VET had a similar pattern while climbing to its all-time high of $0.28 in 2021. According to the analyst, if VET takes the path of “Move A,” its price could surge three times its previous all-time high. On the other hand, “Move B” would result in a price target of $1.60.
However, VeChain (VET) has several resistance levels to breach before reaching the $1.60 target. The asset will need to rally more than 4400% from current levels. Nonetheless, Egrag Crypto is confident that VET will soon begin its journey upward.
Will VeChain (VET) continue to surge in January 2024?
VET has seen a sudden surge in price in the latter half of 2023. Moreover, some analysts anticipate VET to continue its bullish trajectory. According to Changelly, VET’s price may surge to $0.04 in January 2024. Additionally, the platform expects the token to continue rising throughout the year, reaching a maximum price of $0.06 by December next year.
Also Read: VeChain (VET) Can Rally 5300% And Hit $2: Here is When
CoinCodex, on the other hand, anticipates VeChain (VET) to consolidate at current levels. According to their analysts, the token may hover around the $0.03 level till at least January end 2024.