Crypto analyst Ali Martinez has identified Technical indicator indicating a VeChain upswing. This indicator is a repeating fractal pattern that appears on the 1 month chart. It has preceded significant price increases of VET in past years.
VeChain’s long-term prospects are bullish, despite the recent decline. VeChain is currently trading for $0.0359. It is particularly interesting considering VET has dropped over 80% from its high price of $0.2798.
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Fractal Patterns Suggest Bullish Rebound
Martinez’s analysis is based on the existence of fractals in the VeChain chart. Fractals, which are geometric forms that show self-similarity (meaning their smaller pieces resemble each other), can be described as shapes with a similarity to themselves. Technical analysis can use these patterns to identify repeating price movement.
The historical data shows that a similar fractal is likely to precede a major price rise in 2020. VET experienced five months of consecutive declines during the late-2018 bear market. A fractal pattern was first observed in November 2018 and lasted 19 months. In this period, there were intermittent fluctuations in price before the breakout of July 2020.
The breakout coincided with a broad 2021 bull market. In April 2021 the price soared up to $0.2664, a staggering 2,907% gain in only nine months.
In June 2022, after VET’s price dropped by 31%, an interesting fractal appeared. A similar pattern lasted for 19 months. It culminated with a VET gain of 69% per month in February 2024.
Analyst Projects Price Target Of $0.60
Martinez predicts that VET will experience a similar price rally in the near future based on the correlation of the fractal patterns with subsequent price increases. Based on his chart analysis and the identified pattern, Martinez projects a VET price target of $0.60. The price could rise by over 1,655% from its current level.
Supporting Indicators Bolster Bullish Outlook
VeChain is also supported by several other factors. Coinglass’ on-chain statistics are the first factor to support VeChain. indicates A sustained withdrawal trend from the exchanges. This tends to indicate a reduced level of selling pressure as investors transfer their assets into private wallets.
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The increasing Open Interest for VET Futures and Derivatives Contracts reflects the growing bullish sentiment. The long/short rate has also risen to 1,02 in the same time period, indicating a dominant position of optimism among market participants.
The VeChain chart monthly shows a pattern that is a repeating fractal. This presents a fascinating possibility to investors.
A combination of data from the blockchain and a rising bullish mood further supports the idea that cryptocurrencies could see a price spike in the near future. As with any investment decision, it is important to conduct thorough research, and maintain a strategy for managing risk.
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Source: timestabloid.com
