Over the past few weeks, the price of VeChain (VET) has struggled to live up to the promise and vigor it showed at the start of the year. This has been the story with a significant portion of the cryptocurrency market, with several large-cap altcoins down by double-digits in the past month.
However, the VeChain token has been a hot subject of discussion in the circle of cryptocurrency analysts and pundits. Popular crypto analyst Ali Martinez is amongst the latest to put forward future projections for the token.
Can VeChain Price Reach $0.6 By December 2024?
The crypto pundit took to the X platform to share an interesting update on the monthly chart of the VET price. According to Martinez, the cryptocurrency is gearing up for a price rebound this summer, which might be crucial to its performance in the rest of the year.
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This projection is based on the return of a previously identified consolidation range in the VeChain price, with the analyst suggesting that the token could follow this historical fractal. Martinez pointed out that the fractal appeared in 2020 when VET’s price reached its all-time high of $0.281.
Most recently, VET broke out of a consolidation range following its significant price surge to $0.04664 in February. The altcoin has been experiencing a price correction since then, although what looks like a “resistance retest” seems to be complete.
According to Martinez, the price of VeChain is set for a “rebound” this summer after retesting the channel’s upper boundary at around $0.32. Following the price recovery, the analyst said the cryptocurrency is likely to experience a “potential explosive growth” in the fall.
A monthly price chart of VET showing the fractals | Source: Ali_Charts/X
As highlighted in the chart above, VET’s price could travel as high as $0.6 by December 2024. If this fractal does play out as the analyst anticipates, the price target would be a new all-time high and a massive 1,600% surge from the current price point.
VET Price Overview
As of this writing, the VeChain token is valued at $0.03469, reflecting a 2.6% price dip in the last 24 hours. VET’s struggles in the past day underscore the altcoin’s sluggish performance on even broader timeframes.
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According to data from CoinGecko, the cryptocurrency is down by 7% and 23% on the weekly timeframe and monthly timeframe, respectively. Nonetheless, VeChain has managed to retain its position amongst the top 50 largest cryptocurrencies, with a market capitalization of more than $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