Over the past few weeks, VeChain (VET) price has struggled to live up to the promise and vitality it showed at the beginning of the year. This has been the story with much of the cryptocurrency market, with several large-cap cryptocurrencies falling by double digits in the past month.
However, the VeChain token has been a hot topic of discussion in the circle of cryptocurrency analysts and pundits. Renowned cryptocurrency analyst Ali Martinez is among the latest to put forward future predictions for the token.
Can VeChain price reach $0.6 by December 2024?
The cryptocurrency expert took to the X platform to share an interesting update on the monthly VET price chart. According to Martinez, the cryptocurrency is preparing for a price rebound this summer, which could be decisive for its performance in the rest of the year.
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this prediction It is based on the return of the pre-determined consolidation range in VeChain price, as the analyst indicates that the token could follow this historical fractal. Martinez noted that the fractal appeared in 2020 when the price of VET reached an all-time high of $0.281.
Recently, VET broke out of the consolidation range after a significant price surge to $0.04664 in February. The altcoin has been seeing a price correction since then, although what looks like a “retest of resistance” appears to have been completed.
According to Martinez, VeChain price is set to “rebound” this summer after retesting the upper limit of the channel at around $0.32. Following the price rebound, the analyst said the cryptocurrency is likely to see “potentially explosive growth” in the fall.
A monthly price chart of VET showing the fractals | Source: Ali_Charts/X
As shown in the chart above, the price of VET could rise to $0.6 by December 2024. If this fractal occurs as the analyst expects, the target price will be a new all-time high and a massive 1600% upside from the current price. Price point.
Overview of VET prices
As of this writing, the VeChain token is valued at $0.03469, reflecting a 2.6% price decline over the past 24 hours. VET's struggles in the past day underscore the altcoin's sluggish performance on broader time frames.
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According to data from CoinGecko, the cryptocurrency fell by 7% and 23% on the weekly time frame and monthly time frame, respectively. However, VeChain has managed to maintain its place among the top 50 cryptocurrencies, with a market capitalization of over $2.5 billion.
The price of VeChain continues its downtrend on the daily timeframe | Source: VETUSDT chart on TradingView
Featured image from Pexels, chart from TradingView
