Over the last several months, VeChain has been on a massive decline. Indeed, the asset has experienced a new 20% downtrend since the start of 2024. Yet, although it feels as though there is little room for optimism, crypto analyst Ali Martinez notes that VeChain (VET) could have a massive turnaround to $0.05 in store.
Currently, VET is trading at $0.027 and is down more than 5% over the last 24 hours, according to CoinMarketCap. That decline is nothing new for the asset, as its recent performance has mirrored similar results. However, some expect this to be a prime ‘buy the dip’ opportunity for investors.
VeChain Could See Its 2024 Downtrend Come to an End Soon?
Throughout the year thus far, the digital asset has performed well below expectations. Indeed, the industry was expected to receive a large influx of value from the approval of 11 Spot Bitcoin ETFs. Yet, already halfway through January, volatility has been the optimal word to describe the performance of the market.
Among those struggling assets is VeChain. Specifically, the supply chain technology-driven cryptocurrency has not fared well over the last several months. Yet, despite a 20% drop since 2024 began, veChain (VET) has been predicted by one crypto analyst to make a massive turnaround to $0.05 soon.
Indeed, Ali Martinez has noted that buy signals have emerged for the asset. Specifically, those have shown on the asset’s 1-day and 3-day chart indicated through a TD Sequential indicator. This development points to the increasing likelihood of an upward reversal. Moreover, Martinez notes that this could extend to four candlesticks.
Time will tell if the prediction comes to fruition, but the bullish sentiment remains. Moreover, VeChain has long been noted for its potential upside, considering the great work that the VeChain blockchain has done in recent years. Subsequently, buying the asset now could lead to rather immense gains if the turnaround does come to fruition.