An analyst has observed a triple bottom pattern for VeChain (VET) at the $0.01349 level, followed by a spike and a minor correction. This pattern has led the analyst to believe that the token is poised for significant gains. In the past, when VET experienced a triple bottom, it surged by 14,000% and reached an all-time high of $0.28. The analyst predicts that history will repeat itself, with VET skyrocketing by over 14,000% to surpass $1.6 and establish a new all-time high.
Currently, VET is trading at $0.03632, indicating a 4% gain in the past day and a market capitalization of $2.6 billion. Although the token briefly surged to $0.039 earlier in the week, it lost momentum and dropped to a weekly low of $0.0345. However, it has been steadily recovering as the weekend approaches, which is typically marked by low trading volumes and price declines.
According to Egrag Crypto, a well-known analyst in the crypto industry, VET may be on the verge of a record-breaking bull run. The analyst shared a chart on X, showing that VET has formed a triple bottom, which suggests an imminent surge in price.
VET’s triple bottom tested the $0.01349 support level multiple times before rebounding. After the third test, the token rallied and almost doubled in price to reach $0.024. The momentum then subsided before reigniting and reaching $0.05.
Egrag’s projection is based on a similar pattern observed in 2019. Back then, VET also experienced a triple bottom before breaking free in mid-2020. The first wave of momentum faded after a few months, causing the token to dip slightly. However, a second wave took over, and by early 2021, VET surged to $0.2802, representing a 14,464% increase from its triple bottom. The analyst humorously inverted the graph to mock VeChain’s critics, who predicted its imminent collapse.
Based on the chart provided, the analyst anticipates VeChain to surge by over 14,000% once again, starting from its triple-bottom price and reaching $1.6. If VET achieves this milestone, its market capitalization will amount to $116 billion, making it the third-largest cryptocurrency project after Bitcoin and Ethereum.
Egrag is not the only analyst projecting a surge for VET. Ali Martinez shared a similar triple-bottom chart on X, expressing belief that the token will rebound in the summer and experience explosive growth in the fall. Another analyst highlighted an overlapping corrective flagging price structure in relation to the daily 200 EMA.
Meanwhile, the VeChain ecosystem continues to expand. VeWorld, the ecosystem’s official non-custodial wallet, recently surpassed one million downloads, a remarkable achievement considering its relatively short existence. The VeChain Foundation expressed its delight, stating that this milestone signifies a significant step in VeChain’s adoption journey, with over 1.3 million wallets created and 8,000 weekly active users.
In conclusion, analysts are optimistic about VeChain’s future performance, with expectations of a surge in price. The growing VeChain ecosystem further adds to the positive outlook for the token.