Here’s Why VeChain (VET) Seems Ready to Hit an ATH: Analyst

TL;DR

Despite a recent dip, VeChain (VET) has seen a nearly 60% increase in its value year-over-year, with speculation about reaching new highs soon.
Analyst predictions are varied, with some expecting short-term rises to $0.06, while others envision a whopping 2,500% rally to $1.

VET Price Gearing up for a Peak?

Despite plunging significantly in the past week, VeChain’s native cryptocurrency – VET – remains among the best performers on a yearly scale, with its price rising by almost 60% (per CoinGecko’s data).

It currently hovers the $0.04 mark, while some analysts believe a new all-time high above $0.25 could be on the horizon. One example is the popular X user Ali, who thinks VET mimics its price trajectory from June to December 2020.

According to the analyst, the asset may retrace to the “upper boundary” at $0.032 in the following days and then start ascending to as high as $0.60.

#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

Some of the Previous VeChain (VET) Price Predictions

Other analysts who recently envisioned a bright future for VET include the X users Clifton Fx and World of Charts. The former maintained the coin’s value could rise to $0.06 in the short term, while the latter assumed the $0.22 mark may be reached this summer.

The most optimistic prediction came from Flash, who believes VET is poised for a 2,500% rally toward the all-time high of $1.