VeChain (VET), a blockchain platform focused on supply chain management and enterprise solutions, has seen its price and trading volume soar on bullish forecasts and expectations for major announcements related to environmental sustainability .
Over the past 24 hours, VET has gained an impressive 12% and is currently trading at $0.047. This follows a remarkable week in which the altcoin rose a solid 67%, ignoring recent stagnation in the broader cryptocurrency market. Notably, the trading volume showed a staggering 155% spike, taking him to over $135 million within the same period.
VET price action. Source: Coingecko
VeChain: Technical breakout and target price
Cryptocurrency analyst Ali Martinez drew attention for his technical analysis suggesting that VET is nearing the end of its consolidation phase. Based on historical price patterns, Martinez expects the price to break through the $0.05 area this week. If his prediction is correct, the stock will rise an additional 36% from its current price.
I have a feeling it's going to be a very important week. #VeChain! If history repeats itself, $VET It could rise to $0.054 this week, see a temporary correction until June, and then rise to $0.70 by November. pic.twitter.com/wTdPW34NNH
— Ali (@ali_charts) February 14, 2024
Martinez's analysis is similar to the 2021 bull market in VET, which was preceded by a 595-day consolidation period. He predicts a similar trajectory could play out this year, with an initial target of $0.054, the highest level since February 2022. This would be an impressive 56% increase from current prices.
Imminent announcement fuels speculation
Expectations for important announcements from VeChain further increase the bullish sentiment. Industry insiders have hinted at the company's plans to unveil initiatives that leverage blockchain technology to address environmental issues. The potential for blockchain to foster sustainable practices and create an interconnected ecosystem that rewards environmentally responsible behavior is resonating with investors.
VeChain will join the global technology community later this month to embark on a technology-driven campaign to promote a sustainable future. #MWC2024.https://t.co/g1vjVbWuTD
— vechain (@vechainofficial) February 14, 2024
This strategic direction is consistent with VeChain's core values of sustainability and transparency, and has the potential to attract new investors and partnerships focused on environmental solutions. Details of this announcement have not yet been revealed, but there is no doubt that this topic has contributed to the recent price hike.
VET market cap currently at $3.543 billion. Chart: TradingView.com
Community predicts price explosion, analysts warn
VeChain’s strong community is particularly optimistic, with some predicting a price of $0.7 by November 2024. This ambitious target represents an impressive 1,921% upside from current prices. While the potential for growth is undeniable, it is important to approach such predictions with caution.
Martinez acknowledges the bullish sentiment but warns that a short-term correction could occur in June before an expected bull run. He highlighted the inherent volatility in the crypto market and cautioned investors to conduct thorough research and adopt a risk management approach before making investment decisions.
Meanwhile, VeChain's recent price hike and upcoming announcements have caused excitement within the cryptocurrency community. While technical analysis suggests a potential breakout and ambitious price targets are out there, it's important to be mindful of the market's inherent volatility.
Featured images are from Adobe Stock, charts are from TradingView
