- Short-term forecasts by analysts Clifton Fx and World of Charts see VET reaching $0.06 and $0.22 respectively.
- CoinCodex offers a conservative outlook, projecting VET to remain below $0.040 until at least mid-May 2024.
VeChain (VET), a crypto focused on supply chain enhancements, has shown a steady increase in value over the past year, with a nearly 60% rise despite recent market fluctuations. Currently priced around $0.04, industry analysts are considering the potential for VET to achieve new record values in the near future.
The digital currency is part of the VeChainThor blockchain, designed to improve supply chain operations and business process efficiency. Market analysts, analyzing VET’s historical data, suggest parallels to its performance patterns from the second half of 2020, indicating a potential for significant price movements.
One analyst, Ali on the social media platform X, predicts a retraction to approximately $0.032 before a potential increase to $0.60, suggesting a setup for a progressive market trend. This analysis aligns with VeChain’s history of rebounding strongly after retractions.
#VeChain seems to mirror its price movements from June to December 2020. If this pattern holds, $VET might pull back to the channel's upper boundary at $0.032, potentially setting the stage for a continued bull run! pic.twitter.com/PVkpJZXW34
— Ali (@ali_charts) April 16, 2024
Other market experts have also offered their forecasts for VET. Analyst Clifton Fx anticipates a rise to $0.06 in the short term. Similarly, another analyst, known as World of Charts, expects that VET could reach $0.22 during the upcoming summer months.
However, not all predictions are optimistic. CoinCodex, a crypto analytics platform, expects VET to maintain a price below $0.040 at least until mid-May 2024. This conservative forecast contrasts with the more optimistic projections and highlights the crypto trading market.
Related: VeChain’s Meteoric Surge: Real-World Asset Solutions and AI Collaborations Lead the Way
VeChain’s application in streamlining supply chains is gaining recognition, potentially influencing its market valuation. As the digital asset space continues to evolve, VET’s role within the industry and its impact on the markets remain key points of interest for investors and analysts.
VeChain (VET) is currently trading at $0.040914, reflecting a slight decrease of $0.000313 or -0.76% from its previous close.
