‘VeChain Is Breaking Out of Channel After Long Consolidation,’ Analyst Eyes VET Bull Run to This Level
VeChain’s native token VET shows signs of life this week, rallying 10.5% after months of lackluster price action. With Bitcoin reclaiming $51,000, altcoins are beginning to catch up. However, unique technical and on-chain factors indicate the blockchain supply chain platform may have bottomed out for a larger move ahead.
What you'll learn 👉
History Points To Higher Highs
Seasoned trader Ali spots interesting historic precedents that could play out again for VET. He notes that history is repeating itself in February, and expects the token to hit $0.054 this week before consolidating and then exploding towards $0.07 by November.
Of course, past performance never guarantees future returns. But analyzing rhythmic market patterns proves constructive for anticipating potential opportunities.
Bullish Structure Builds
Independent trader Alan Santana provides credence to Ali’s analysis by highlighting VET carving out a textbook long-term bottom formation against Bitcoin. After marking a higher low compared to the devastating capitulation seen in previous bear markets, VET appears primed for substantial mean reversion upwards.
Alan notes that higher lows reliably lead to higher highs over longer timeframes. The important distinction is that VET seems poised to enter a renewed uptrend after basing successfully.
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Captain Faibik highlighted that “Vechain is breaking out of channel after long consolidation.” Finally, trader Crypto Yapper flags VET pushing towards a key breakout level that would propel it to $0.05 in short order – aligning closely with Ali’s initial target.
With both chart structure and historical analytics pointing to an impending trend change, the chances for significant upside over 2024 look more probable than speculative. Prudent entries on confirmed supports with judicious profit-taking seem warranted to play the next VET bull wave in stages while mitigating downside risks.
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