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- VeChain (VET) has recorded the Golden Cross for the first time since June 2020, which set it up for a massive 3000% rise in the next year, and one analyst believes a similar spike is due.
- The fundamentals are stronger than ever, with the network clocking two million transactions recently, but some point out that the days of large-cap crypto pumps are behind us.
In 2021, VeChain was making waves after a 3,000% gain in a year took it to its all-time highest price point of $0.28. It’s been downhill since, bottoming at $0.0147 last September, and while it has slightly recovered, it’s nowhere near its all-time high. This could change soon, says one analyst, who says that VET is poised to recreate its 2021 rise in this bull market.
VET is trading at $0.0303 at press time and has been stuck in the same range over the past 24 hours. In the past week, it has lost 11.5%, dropping from a weekly high of $0.036.
However, interest in the token has been on a sharp spike, shooting up 90% in the past day to hit $84.5 million. However, it’s still in the ten lowest trading volumes in the top 50 cryptocurrencies.
However, according to one analyst, the tides could turn soon for VeChain. Known as AJ in social media circles, the analyst believes VET is a top pick for 2024. He pointed to the Golden Cross, which VeChain recently closed. The last time the token had a similar trend, it spiked by over 3,000% in the next year.
A Golden Cross is a trading chart pattern in which the short-term moving average crosses the long-term moving average. It usually indicates a bullish breakout in the long term, especially if it’s backed by high trading volume, and with an 80% spike in volume in the past day, VeChain could be primed for a big move.
VeChain (VET) to $1.14?
AJ says the price target is $1.14 by October this year. This would be the coin’s highest price ever and would place its market cap at $82.9 billion, which, by today’s standards, would make it the third-highest crypto after BTC, ETH, and USDT.
This projection is, however, uber bullish. For one, back when VET saw a 3,000% spike in a year, it was one of the hottest coins in the market, and its market cap was way below a billion dollars. Other new projects have sprung up today, and their market cap is prime for a monumental breakout. Just recently, the Solana-based meme coin BONK brought back the days of massive gains, accruing 7,300% in 2023, the highest of any coin.
More precisely, of the top 10 gainers of 2023, only Solana, with 973% in gains, is in the top 20 by market cap.
Conversely, some factors support a bullish outlook for VET. One is the continued uptake of VeChainThor, its underlying network. As CNF reported, the network crossed the two million daily transactions mark recently for the first time.
VeChainThor has also become the blockchain synonymous with the sustainability movement. Its partnership with the Boston Consulting Group, in which users are incentivized to participate in sustainable actions, is gathering steam and proves that blockchain is the ideal technology for the future.
