VeChain’s VET has been making impressive gains over the past few weeks, surging more than 60% in the last month. On-chain data, network growth, and investor interest all point to a bullish future for the cryptocurrency.
Renowned crypto analyst EGRAG has recently identified a significant opportunity that could propel VET even further, with prices potentially reaching over $1.
VeChain (VET) has demonstrated remarkable resilience and determination in recent weeks. In just 30 days, this altcoin has surged by over 60% and reached a yearly high of $0.053. This surge coincided with a broader market rally led by Bitcoin (BTC), which achieved a new all-time high of $73,580.
VET’s recent performance is supported by a bullish forecast based on its technical setup, network development, and increased institutional interest.
After a market-wide correction, VET has experienced a slight drop of nearly 3% in the past 24 hours and is currently trading at $0.04712. However, experts and investors remain confident in a rebound. Smart investors see this dip as an opportunity to accumulate before the next breakout.
Crypto analyst EGRAG has shared a bullish outlook on VET, predicting a massive breakout in three phases. According to the analyst, the token is currently trading at a critical level, with bulls and bears battling for control. If the bulls succeed, they will aim to break above the $0.053 high and target a trading price above $0.09.
The analyst further envisions a parabolic breakout that could push the token to $0.23, representing a rally of over 390% from the current prices. In the long term, experts anticipate VET surpassing $1 and setting a new all-time high. However, profit-taking at its previous peak of $0.281, which was reached almost three years ago, may hinder this achievement.
The VeChain network has experienced significant growth. The project recently introduced the VeBetterDAO platform, which allows the community to engage, earn rewards, and promote sustainability while fostering ecosystem growth. This platform is an evolution of the Web3 for Better whitepaper, co-authored by the Boston Consulting Group.
Additionally, the project has unveiled the VeBetterDAO Galaxy Member (GM) NFT System under the new platform. This upgradeable NFT system determines user privileges, with higher levels offering greater rewards. These developments are expected to drive developer and user adoption of the project and increase demand for the tokens.
Investor interest in VET has reached record highs, indicating bullish market sentiment. Total open interest has surged from 16.0 million to 48 million, and social dominance and social volume have also increased. Analysis of VET social activity on platforms like X and Telegram reveals a clear uptick, suggesting positive interest in the cryptocurrency.
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