VeChain Predicted Ready To Print New Record

JAKARTA - VeChain (VET) is showing impressive performance amid a Bitcoin-triggered crypto market rally. The VET price rose 11% in the last 24 hours, and recorded a 24% increase from last week's lows.

Crypto analyst Ali Martinez predicts that the VET still has the potential to jump even higher, with long-term targets of up to USD 0.7 (IDR 10,913.81) per coin.

VeChain (VET) is one of the blockchain projects that offers innovative solutions to increase efficiency, transparency, and supply chain security across industries, such as logistics, health, agriculture, and others. VET is a native token of the VeChain platform, which is used to pay transaction fees and run smart applications on the network.

VET Rises 56% In A Week

In a tweet, Martinez highlighted the consolidation pattern experienced by VET before entering the bullish phase. According to a graph shared by the analyst, VET spent 595 days in stagnant price movements before it exploded in 2021 and hit a record high of 0.2782 US dollars (IDR 4.336.83) in April.

Martinez estimates that the VET will repeat the same pattern and hit the level of $0.05 this week. This target is based on VET price movements in 2020, when these assets rose from $0.0035 (Rp54.56) to $0.054 (Rp841.17) in less than two months.

Given the current VET price of 0.03462 US dollars (IDR 539.55), hitting a target of 0.05 US dollars means a 56% increase. This figure seems realistic, considering that VET has risen 24% in the past week.

VET Towards $0.7 with An Increase of 1,921%

Martinez also has a more ambitious target for the VET in the long term. He speculated that the VET could reach 0.7 US dollars in November this year, if it followed its historical trend. This target represents an increase of 1,921% from the current price, or 19 times.

Martinez said that VET has the possibility of achieving a new record high, as its assets are supported by strong fundamentals and widespread adoption. VeChain has forged strategic partnerships with various large companies and organizations, such as Walmart China, BMW, PwC, DNV GL, and others. VeChain is also involved in several social and environmental projects, such as the Covid-19 vaccine verification platform and low carbon initiatives.

However, Martinez also reminded that his prediction is not a guarantee, and the VET could experience corrections along the way. He suggested that investors remain careful and do research before investing.