- Crypto analyst Crypto ZX suggests VeChain (VET) may reach new all-time highs by surpassing key resistance levels, particularly during the anticipated 2024 bull run, despite recent fluctuations.
- VeChain’s current consolidation around $0.03 reflects the potential for a breakout and subsequent surge beyond resistance, according to the analyst.
VeChain (VET), the blockchain platform designed to enhance supply chain management and business processes, is poised for significant growth, according to crypto analyst and YouTuber Crypto ZX. In a recent update, Crypto ZX outlined several key factors that could propel VET to new all-time highs (ATH) in the coming months.
Catalysts Behind VET’s Projected Price Surge
Crypto ZX’s analysis, presented in a YouTube video, suggests that VeChain’s recent price movements indicate a potential upward trajectory, particularly as market downtrends subside. Highlighting VeChain’s performance relative to Bitcoin, Crypto ZX identified crucial resistance levels and projected a substantial surge, particularly during the anticipated 2024 bull run.
VeChain experienced a notable breakthrough on December 20, 2023, breaching a significant price resistance and reaching nearly $0.039 before experiencing a pullback. Despite an attempt to surpass the same resistance on January 11, 2024, VeChain encountered rejection.
The cryptocurrency currently seems to be consolidating around the $0.03 price range, with its primary objective being a surge beyond the critical resistance level at $0.033. Crypto ZX believes that overcoming these resistance levels could propel VeChain to new highs, with a potential peak reaching $0.04425.
VeChain Price Update
Despite recent fluctuations, Crypto ZX remains optimistic about VeChain’s trajectory, asserting that the current market downturn has not fully reflected the cryptocurrency’s potential. VeChain’s current value stands at $0.027, reflecting a 1.51% decrease over the past seven days, according to CoinMarketCap.
While VeChain’s value is down slightly against Bitcoin, its market capitalization remains strong, exceeding the $2 billion mark. Crypto ZX contends that VeChain’s ongoing projects and developments have yet to be fully priced into its value, suggesting that the cryptocurrency is undervalued given its expansion and advancements.
As the cryptocurrency market continues to evolve, VeChain stands out as a promising project with substantial potential for growth. Crypto ZX’s analysis underscores the importance of monitoring key resistance levels and market trends to anticipate VeChain’s future movements accurately. With the right conditions, VeChain could be on track to reach new ATHs, surprising many investors and enthusiasts alike.
As always, investors should conduct their research and consider various factors before making any investment decisions in the volatile cryptocurrency market.