Analyst Forecasts Key Factors to Drive VeChain (VET) Surge to New Highs
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Analyst Forecasts Key Factors to Drive VeChain (VET) Surge to New Highs

  • Popular analysts have Identified key factors that could drive Vechain (VET) to new heights.
  • VeChain has shown resilience with a 7% increase in the past week and a 3% rise in the last 24 hours and signals potential growth and stability in the cryptocurrency market.

In the fast-paced world of cryptocurrency, VeChain (VET) has been under the spotlight, with crypto analyst and YouTuber Crypto ZX recently releasing an update on its price movements. According to the analysis, VeChain could be gearing up for a surge to new all-time highs, provided it can overcome certain resistance levels.

Delving into VeChain’s historical and recent price actions, Crypto ZX highlighted the potential for an upward trajectory as market downtrends subside. The analyst pointed out VeChain’s performance in relation to Bitcoin, identifying key resistance levels and projecting a significant surge during the anticipated 2024 bull run.

Also read: VeChain’s V3TR Trademark: Cornering the $20 Trillion Payments Sector

VeChain previously broke above a significant price resistance on December 20, 2023, nearly touching $0.039 before experiencing a pullback. Despite an attempt to breach the same resistance on January 11, 2024, the cryptocurrency faced rejection. Currently consolidating around the $0.03 price range, VeChain aims to surpass the crucial resistance level at $0.033.

Crypto ZX suggests that overcoming this resistance level could pave the way for VeChain to surge to new highs, potentially reaching $0.04425. However, market fluctuations have led to VeChain’s price movement along the support line. A retracement of approximately 17.26% from the key resistance level is anticipated, with VeChain poised to achieve new yearly highs if Bitcoin surpasses crucial levels at $46,000.

Related: VeChain’s Record-Breaking 200 Million Transactions with Walmart Reshaping Retail

While acknowledging that all predictions are speculative, Crypto ZX remains optimistic about VeChain’s price for 2024. The potential surge could come as a shock to many investors, highlighting the dynamic nature of the cryptocurrency market.

Price Analysis for VeChain

With VeChain up 7% in the last week and just above 3% in the last 24 hours. Boasting a market cap of 2.2 billion and in 42nd position, the asset price is at $0.03019 at the time of reporting.

The cryptocurrency’s performance reflects its resilience amidst market fluctuations, potentially indicating a favorable trajectory soon.