VeChain (VET), a prominent cryptocurrency, has been making significant strides in the digital asset market. Since January 2023, VET has experienced an impressive surge of over 76%. Experts have diverse predictions for its future price, with one forecast suggesting a potential 185% increase to $0.077 by late January 2024.
One cryptocurrency analyst, Ali Charts, compares VET’s current consolidation stage to a similar phase observed from 2018 to 2020. If this comparison holds true, VET may surpass its resistance level of $0.033 within the next two weeks. In that case, the price of VET could rally to an estimated $0.077 by late January, marking a remarkable 185% increase.
However, there are contrasting opinions on VeChain’s performance in the near future. CoinCodex projects a slight decline of 3.7% to $0.026 on December 26, 2023, but expects a recovery in early January 2024.
Long-term projections for VeChain vary as well. Changelly, a cryptocurrency exchange company, predicts that in January 2023, VET will reach a maximum price of $0.0342, representing a rise of nearly 22% from current levels. Changelly also anticipates steady growth throughout 2024, with a possible peak of $0.0536 by December of that year.
It is important to note that Changelly’s projections differ from Ali Charts’ expectation of VET reaching $0.077 in early 2024. This disparity may be attributed to Changelly not fully considering recent developments surrounding VET’s consolidation phase. Additionally, the broader cryptocurrency market’s performance in 2024 could further impact VeChain’s future. VET has experienced a significant drop of over 90% from its peak of $0.280 in April 2021.
In a bold prediction, cryptocurrency expert EGRAG foresees a substantial upswing for VeChain. EGRAG predicts a staggering 7,500% rise, potentially pushing the value of VET to $2.3. This projection suggests a significant increase from its current trading price of $0.02945. EGRAG establishes three price targets: $0.11642, $1.05737, and the ambitious $2.3, representing possible increases of 295%, 3,490%, and an astounding 7,500%, respectively.
Taking into account VeChain’s historical price fluctuations, EGRAG’s analysis notes a downward trend since its all-time high in 2021, with lower highs and lower lows. However, since October, there has been a noticeable shift in sentiment, with increased enthusiasm for cryptocurrency. VET has experienced an impressive 80% increase since its low point in October, and EGRAG expects this growth to continue in the coming months.