VET Price Analysis: VeChain (VET) Shows Strong Technical Setup for 30% Upward Move
by Oliver Dale · BlockonomiTLDR
- Bitcoin reached new ATH of $99,645.39 on Nov 22, 2024, but failed to break $100K after Jim Cramer’s bullish prediction
- VeChain (VET) shows strong gains across multiple timeframes despite recent daily correction
- Trump’s election victory and pro-crypto stance boosted market sentiment
- Analyst Ali Martinez predicts VET to reach $0.056 (~30% increase) from bull flag pattern
- CoinCodex forecasts VET to hit $0.056 by Jan 4, 2025 and $0.080 by Feb 11, 2025
The cryptocurrency market has entered a brief correction phase following Bitcoin’s recent push toward the $100,000 mark. Despite this temporary setback, VeChain (VET) continues to display strong performance across multiple timeframes, with analysts projecting a potential 30% price increase in the coming weeks.
Bitcoin recently touched a new all-time high of $99,645.39 on November 22, 2024, falling just short of the highly anticipated $100,000 milestone.
The near-miss coincided with CNBC analyst Jim Cramer’s bullish statements about Bitcoin, leading some market participants to reference the “inverse Cramer theory” – a tongue-in-cheek market observation suggesting that assets often move contrary to Cramer’s predictions.
In the midst of this market activity, VeChain has experienced a minor correction in its daily price action, showing a 1.8% decrease over the past 24 hours. However, the token’s broader performance tells a more optimistic story, with impressive gains across longer timeframes.
The weekly charts reveal a 37.9% increase, while the 14-day period shows an even stronger 63.8% uptick. Monthly performance has been particularly noteworthy, with VET recording a 97.7% gain. The yearly comparison further reinforces this upward trajectory, showing a 98.9% increase since November 2023.
Recent political developments have played a role in the overall market sentiment. Donald Trump’s victory in the U.S. presidential election has sparked renewed optimism among crypto investors, who anticipate more favorable regulatory conditions under his administration, given his pro-cryptocurrency stance.
Technical analysis from cryptocurrency analyst Ali Martinez suggests VeChain is forming a bull flag pattern, typically considered a bullish continuation signal. Based on this technical formation, Martinez projects a potential price target of $0.056, representing approximately a 30% increase from current levels.
This projection aligns with analysis from CoinCodex, whose technical indicators also point to bullish momentum. Their forecasts suggest VET could reach the $0.056 mark by January 4, 2025, with further growth potential extending to $0.080 by February 11, 2025.
Current price levels still represent a substantial discount from VeChain’s all-time high of $0.281, with the token trading roughly 85% below its peak. This price point was established during the 2021 bull market, a period characterized by extraordinary gains across the cryptocurrency sector.
Trading volume data indicates steady market participation, though with some fluctuation typical of the cryptocurrency market. The 24-hour trading volume has maintained healthy levels, suggesting continued market interest in the asset.
Market structure analysis reveals strong support levels have formed during the recent uptrend, potentially providing a foundation for future price appreciation. These technical developments have contributed to the positive outlook from multiple analysts.
The token’s price action has shown particular strength in maintaining its upward trajectory despite periodic market corrections, demonstrating resilience in the face of broader market volatility.
Looking at order book data, there appears to be substantial buying pressure at current levels, though sell orders are also present at key resistance points above current prices.
Various technical indicators, including moving averages and momentum oscillators, currently align with the bullish narrative, supporting the potential for continued upward movement.
Historical data suggests VeChain often moves in correlation with Bitcoin’s price action, particularly during major market trends. This relationship could prove beneficial if Bitcoin successfully breaks above the $100,000 level in the near future.
The most recent data shows VeChain maintaining its position among the top-performing digital assets over the past year, with its 98.9% annual growth rate outpacing many competitors in the same market segment.