Analyst Forecasts VeChain (VET) to Reach $1.14 by 2024

• VeChain (VET) Bounces Back With Bullish Momentum
• Golden Cross Pattern: A Sign of Positive Momentum
• Golden Cross: A Predictor of VET's Future Performance?
• Nearer-Term Timeframe for VET
• Altcoins and Predictions

VeChain (VET) Bounces Back With Bullish Momentum

VeChain (VET) has recovered and surpassed the key support level of $0.03. This stabilizes its price action following a significant downturn in recent weeks. However, what's more significant is that VET's charts now display a highly bullish technical indicator, a precursor to the blockchain project's explosive multi-year rally seen in the past.

Golden Cross Pattern: A Sign of Positive Momentum

Noted by crypto analyst AJ, VeChain's token has exhibited a much-desired golden cross pattern on its two-day chart. This pattern emerges when a faster-moving average surpasses a slower-moving average, indicating bullish momentum alignment over different time frames.

Golden Cross: A Predictor of VET's Future Performance?

The last manifestation of the golden cross occurred back in June 2020, which led to a parabolic 3,062% surge in VET's price over the next 300 days. If history were to repeat itself, this magnitude of return would hypothetically place VET at $1.14 by October 2024, as projected by AJ. However, it should be noted that past performances do not always guarantee future returns, particularly with volatile crypto assets. Nevertheless, market technicians often view golden crosses as harbingers of substantial upside.

Nearer-Term Timeframe for VET

In the shorter-term timeframe, VET seems to have stalled its decline with a successful retest of support at $0.03. According to analyst Teshkid, a persistent hold at $0.03 could potentially trigger a rally to $0.035, which is currently a resistance level. A reclaim of $0.035 and subsequent levels of $0.038 and $0.04 remain Teshkid's next targets. However, a failure to maintain support at $0.03 might initiate VET's next downward phase, with $0.024 viewed as the next significant downside zone.

Altcoins and Predictions

With altcoins, making precise predictions for massive rallies or target dates generally is educated guesswork at best. Nevertheless, the combination of VeChain VET flashing its golden cross and recovering from its recent drop seems to be a positive sign for bullish investors after a harsh 2022 bear market.

Edited by Jonathan Stoker