- Amidst VeChain’s preparations for the event, recent developments have showcased the platform’s commitment to sustainability and community decentralization.
- Additionally, bullish predictions from analysts, including a target price of $1.6 for VET, highlight growing optimism surrounding VeChain’s potential in the crypto market.
Prominent blockchain platform VeChain is gearing up for a major announcement at the upcoming Paris Blockchain Week 2024. The event dubbed Carrousel du Louvre shall happen from April 8th to 12th, 2024, and holds considerable importance for VeChain and the broader cryptocurrency community. VeChain CEO Sunny Lu will be one of the key speakers at this event.
However, things aren’t clear as to what to expect from VeChain at the upcoming event. Previously, VeChain made headlines with the unveiling of the VeBetterDAO and its native tokens, B3TR and VOT3, as reported by Crypto News Flash.
These tokens symbolize VeChain’s commitment to promoting sustainability in blockchain technology and nurturing a decentralized community. While the announcement sparked excitement among some, others expressed disappointment over its impact on the price of VeChain’s native tokens, VET and VTHO.
VeChain has enjoyed a fruitful month, characterized by significant partnerships, events, and educational endeavors. Recently, the platform organized a technical workshop in Belfast, where CTO Antonio Senatore emphasized VeChain’s preparedness for widespread adoption.
He highlighted features such as fast transactions and fee delegation, while CEO Sunny Lu outlined VeChain’s vision of facilitating seamless collaboration through blockchain technology. Much recently we have been witnessing a strong interest in the tokenization of real-world assets with some of the biggest market players like BlackRock joining the bandwagon. As reported by Crypto News Flash, VeChain has overtaken key players like Ripple and IOTA, in the RWA tokenization space.
Analysts Give VET Price Target of $1.6
A prominent cryptocurrency analyst EGRAG CRYPTO recently shared a bullish prediction for VeChain on X. Based on the technical analysis patterns, he suggests a potential surge in the VET’s price, reaching as high as $1.6.
Known for his optimistic views on VET, EGRAG CRYPTO employs a technique known as “cloning” to historical price charts. This method involves identifying similar patterns in charts and projecting future prices. The analyst highlights the triple bottom pattern observed in VET’s price between December 2018 and 2020, noting its correlation with significant rallies in previous years.
#VET Triple Bottom: Cloning Pattern ($1.6)
I’ve applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that #VET may be gearing up for some exciting moves.
The pattern indicates a potential rise to 0.115c, followed by a… pic.twitter.com/ujfjtmjQPn
— EGRAG CRYPTO (@egragcrypto) March 22, 2024
While EGRAG CRYPTO refrains from making any guarantees, he presents a plausible scenario: VET could initially rise to around $0.115 before retracing back to approximately $0.035. Subsequently, it may surge towards the long-term target of $1.6. However, the analyst emphasizes that this is merely a prediction and actual prices may vary depending on various factors.
As of press time, VeChain’s native cryptocurrency VET is trading 4.52% up at a price of $0.04361 with a market cap of $3.16 billion.
