After a recent prediction came true, a prominent analyst argued VeChain’s (VET), is on track for an explosive 1480% rise to a new all-time record high.
VeChain has benefited from the cryptocurrency market boom led by Bitcoin. VET’s growth was impressive in the last week, going from $0.05085 to $0.02947. The surge in the stock market is an impressive 72.41% over the previous week.
VET’s price has dropped by 9% in the last day to $0.04428, a drop of 9%. cryptocurrency analysts such as Ali Martinez believe VeChain’s Momentum is not about to diminish.
Martinez says that the week to come will be even more important for VET. Martinez, an analyst at X. highlighted VET’s closing consolidation phase. Candlestick patterns closely match those in 2020.
VeChain’s graph, which accompanies the tweet, shows that the asset experienced almost 600 days of accumulation before the bull-season of 2021. When the consolidation period ended, VeChain reached a new high of $0.2782.
Martinez’s graph suggested that VET had spent an equivalent 644 days during its consolidation phase in 2022. The analyst then outlined bullish scenarios that suggested the possibility of history repeating itself.
The forecast for last week came true
Martinez stated that VET may surge up to the $0.05 range in the coming week. He set a target of $0.054. VET traded at around $0.03462 when the forecast was made.
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VET’s price broke through $0.05 last Thursday. Previously, VET had only reached $0.05 in 2022.
VET is barely needed to rally 21% after the recent retracement which put the price of the asset at $0.054.
The VET set for the 14x Rally
Martinez’s outlook is even more ambitious. VeChain. He imagined a scenario in which the asset would not only surpass its peak price of $0.2782 from 2021, but also regain it this year.
The pundit suggested that VeChain owners could expect a price as low as $0.7 in November this year. This price target represents a 15-fold increase in just ten months.
Martinez noted that there could be a short retracement by the end of June, before the rally from 1480% to $0.7.
It’s worth noting that the current, all-time highest trajectory for VET of 1,700% from $0.01522 was achieved over a number of years. In essence, it doesn’t really matter whether VeChain could achieve Over time, a growth of 1480% in ten months is revealed.
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