Periodic rises in various altcoins continue, with analysts now turning their attention to VeChain (VET) for potential gains. On December 19, VET broke through the critical resistance level of $0.033, experiencing a 7% increase, which could signal the start of a significant rally in the coming month.
VeChain reached its highest value for 2023 in early December, peaking at $0.041153, which represented a 180% increase from the September lows. Despite closing the week of December 11 below this peak at $0.02946, the current week has seen renewed attempts to test the annual high.
Analyst Ali Martinez has highlighted VeChain, often dubbed ‘China’s Ethereum,’ for its noteworthy structure that is currently overlooked. According to Martinez, VeChain is undergoing a consolidation phase similar to that of 2018-2020. If the pattern continues, VET could sustain above the $0.033 resistance level in the next two weeks, potentially leading to significant gains for investors.
Martinez’s optimistic scenario suggests that VET could see a 150% increase by the end of January, possibly reaching $0.077. Another analyst, EGRAG, has provided striking price predictions for VET for 2024 and beyond, emphasizing the price pattern that led to its all-time high in 2021.
EGRAG has pointed out three different price levels for investors to watch, with the first target being $0.11642 by 2024. Furthermore, EGRAG presents an even more optimistic scenario where VET could soar to $1.05737, marking an 800% growth, and an explosive potential return exceeding 7700% with a $2.3 price prediction.