- An analyst has clarified that the struggling VeChain (VET) market is just a natural fluctuation that precedes a bull run.
- Meanwhile, another analyst anticipates a surge to $1 once it successfully imitates the previous cycle.
VeChain (VET) was recently affected by the broad market pullback, declining to below $0.23 in a dramatic movement. However, the asset has taken a rebound of 0.5% in the last 24 hours to trade at $0.022. According to our market data, VET is still down by 7.6% in the last 30 days and 20% in the last 90 days.
Meanwhile, an analyst identified as RichBitLord has explained that the minor corrections are just natural fluctuations. According to him, VET is still within the upward channel, and its long-term trend remains bullish. Supporting his thesis, the analyst shared a chart that indicates that a crucial support level is still intact. Its current price action also alludes to a historical behavior where VET witnessed a significant correction in 2022, but bounced back to hit $0.020.
Looking at the current market behavior, a similar dynamic appears to be playing out as the asset experiences some short-term bearish pressure. According to analysts, a successful hold above the critical support range of $0.019 and $0.025 could position the asset for a bullish rebound.
Previous VET Prediction by Analysts
In a recent report by CNF, a renowned analyst identified as EGRAG CRYPTO predicted that VET could target the Fib 1.236, 1.414, and 1.618 to stage a 4,324% surge. This implies that the asset could hit $1 by the end of the cycle.
Channel 1’s low-end is officially tagged, and now I’m fully confident that VET is about to hit the Turbo Trigger, just like in the previous cycle! For a more conservative approach, I’ve calculated the measured move from the last cycle (excluding those monthly wicks) and applied it to the June 2023 low. Factoring in the wick, just to be extra cautious.
In another analysis published by CNF, analyst Alan Santana’s thesis of VET replicating a 2019 move was captured. According to the report, the VET/BTC pair is currently at its lowest in five years. In the 2019 cycle, a similar position marked the end of a bearish cycle and the beginning of a bullish wave structure where each wave was stronger than the previous one.
Drawing more insight from that publication, Santana pointed out that the previous bearish cycle lasted for 595 days and the asset surged by 1,291% from the bottom. Meanwhile, the recent bear market of the VET/BTC trading pair was reported to have bottomed on September 16, 2024, lasting for a period of 1,246 days. According to Santana, this cycle could witness one of the biggest rallies ever recorded.
It will be something for the record books because the market has never been this big before. The market has never been this big and this is the first time that Cryptocurrency is open and available to the whole world…There will be many millionaires coming out of this cycle, are you going to be one of those? Prepare yourself and work hard. Money is endless. There is no limit to how much wealth is available in the world.
