Over the past few weeks, the price of VeChain (VET) has struggled to live up to the promise and exuberance it showed at the start of the year. This has been the story for much of the cryptocurrency market, with several large altcoins experiencing double-digit declines over the past month.
However, the VeChain token has been a hot topic of discussion among cryptocurrency analysts and experts. Popular cryptocurrency analyst Ali Martinez is one of the latest to offer future predictions for the token.
Can VeChain price reach $0.6 by December 2024?
The cryptocurrency expert took to the X platform to share an interesting update on the monthly chart of VET price. According to Martinez, the cryptocurrency is poised for a price rebound this summer, which could be decisive for its performance for the rest of the year.
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This forecast is based on a return to the previously seen consolidation range in VeChain price, with the analyst suggesting that the token could follow this historical fractal. Martinez pointed out that the fractal appeared in 2020, when the price of VET reached an all-time high of $0.281.
Most recently, VET broke out of a consolidation range after a significant price surge to $0.04664 in February. The altcoin has been experiencing price corrections since then, but what appears to be a “retest of resistance” appears to be done.
According to Martinez, VeChain’s price is set to “rebound” this summer after retesting the channel’s upper limit at around $0.32. The analyst said the cryptocurrency is likely to experience “potential explosive growth” in the fall following a price recovery.
A monthly price chart of VET showing the fractals | Source: Ali_Charts/X
As highlighted in the chart above, the price of VET could rise to $0.6 by December 2024. If this fractal plays out as analysts expect, the price target would be a new all-time high and a massive 1,600% increase from where it is today. Price range.
VET pricing overview
As of this writing, the value of the VeChain token is $0.03469, reflecting a 2.6% price decline over the past 24 hours. VET’s struggles over the past day highlight the poor performance of altcoins over a broader period of time.
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According to data from CoinGecko, the cryptocurrency fell 7% and 23% in the weekly and monthly periods, respectively. Despite this, VeChain maintained its position among the top 50 cryptocurrencies with a market capitalization of over $2.5 billion.
The price of VeChain continues its downtrend on the daily timeframe | Source: VETUSDT chart on TradingView
Featured image from Pexels, chart from TradingView