Although VeChain has lost over 19% of its value in the past week, top analyst Ali Martinez forecasts that VET could soar to $0.60 if its current price movements continue to replicate its performance in 2021.
The ongoing bloodbath has wreaked devastating havoc on the prices of cryptos, including VeChain (VET). Per CoinMarketCap data, VeChain has plunged 19.7% over the past seven days, with a unit of VET trading at $0.03897.
Despite VET’s massive price plunge in the past week, prominent market watcher Ali Martinez took to X to share a bullish prediction for the 33rd-largest cryptocurrency by market cap.
VeChain Could Soar to $0.60
In the recent analysis, Martinez pointed out the striking resemblance between VeChain’s current price movement and its performance from June to December 2020.
He forecasted that if VeChain continues to mirror its 2020 performance, the token’s price could dip to around $0.032, potentially setting the stage for its sustained upward trend toward $0.60.
The famous market watcher shared a screenshot of VeChain’s historical chart to highlight the token’s potential move toward the $0.60 price level.
#VeChain seems to mirror its price movements from June to December 2020. If this pattern holds, $VET might pull back to the channel's upper boundary at $0.032, potentially setting the stage for a continued bull run! pic.twitter.com/PVkpJZXW34
— Ali (@ali_charts) April 16, 2024
VET’s Current and Past Performance
Between June and December 2020, VeChain’s price traded within the ranges of $0.01 and $0.02. However, the token embarked on a bull run that saw it reach an all-time high of $0.2782 on April 17, 2021. At the time of writing this line, VET is 86.08% away from hitting its previous all-time high.
Interestingly, Martinez’s forecast suggests that VET could surpass its previous all-time high if it continues to mirror the performance recorded between June and December 2020.
To reach the $0.60 target, VET must surge at least 1,439% from its current price of $0.03897.
In the meantime, VeChain has not performed admirably like its peers in recent times. Due to the massive volatility across the broader market, the token has only surged 14.1% since the beginning of this year.
Bullish VET Predictions
However, market analysts still believe that VET’s future price movements will take the crypto industry by storm.
As reported earlier, market expert EGRAG Crypto identified the formation of a triple bottom pattern on VET’s chart that could potentially push the token’s price to $1.6, marking a 4,005% growth from the current price.
Last month, the analyst increased VET’s price target to $1.8, emphasizing that the token will reach the ambitious target by next year.
Furthermore, analysts from the crypto trading platform Changelly issued a bold prediction for VET, forecasting that the token would hit $10.77 by April 2040.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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