Prominent crypto expert Crypto Yapper has provided an optimistic outlook on the price movements of VeChain (VET). In his latest analysis, he pointed out that VeChain has broken out of a major falling wedge pattern. A falling wedge often signals a possible bullish trend.
After breaking out in a bullish way from this huge falling wedge, I expect VET to test the previous resistance as support,” Crypto Yapper said. “From there, we can aim for higher targets.” He identified the breakout target for VET at $0.05, suggesting a promising chance for investors. “This could be a great trade for VeChain,” he added, underlining the potential for major gains if the retest holds and the price keeps rising.
At the moment, VeChain’s price stands at $0.036826, an increase of 5.58% over the past 24 hours. This digital asset has seen trading volume reach $78.31 million during this timeframe, with a total market value of $2.68 billion. These recent developments signal growing enthusiasm and momentum from investors towards VeChain.
VeChain’s recent bullish upswing is particularly remarkable given the overall market landscape. The falling wedge pattern, successfully navigated by VeChain, features converging downward-sloping trend lines. Breaking out from this pattern typically suggests a decrease in selling pressure and the potential for an upward price movement on the horizon.
Analyzing VeChain Historical Trends
Renowned crypto analyst Crypto EA has shared an exceedingly bullish outlook for VET, predicting a substantial influx of capital into the cryptocurrency market. According to Crypto EA, trillions of dollars are poised to enter the crypto sector, with a significant portion earmarked for VET.
Emphasizing huge potential for extraordinary gains, Crypto EA drew parallels to VeChain’s previous bull run, during which the cryptocurrency soared an astonishing 177x. He stated that the doubt about growth can rest now as VET is perfectly well placed for another huge growth.
Looking ahead, the crypto expert thinks VeChain could increase in value by 20x to 25x during the next bull market. With this outlook, the analyst believes VET could reach $1 per token. He urged investors not to overlook VeChain’s bullish potential in the current market conditions.
The projected 20x to 25x increase would mark a major milestone for VET. It would offer hefty returns for investors. The crypto expert’s call serves as a reminder for investors to weigh VeChain’s potential upside as the market gears up for the next bull run.
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