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VeChain

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In a remarkable display of bullish movement, the smart contract blockchain VeChain,&nbsp; and its native token VET have emerged as significant players in the altcoin rally, experiencing an<a href="https://www.newsbtc.com/news/vechain-vet-set-to-explode-analyst-predicts-7500-rally-to-2-3/" target="_blank" rel="noopener "> impressive surge</a> of 77% since the end of November. 
Over the past seven days, VET has recorded a substantial 33.5% increase, with an additional 5.4% surge in the past 24 hours, propelling the token to reach a new <a href="https://www.newsbtc.com/bitcoin-news/sec-insider-bitcoin-etf-approval-probability-surges-beyond-99-as-btc-hits-fresh-yearly-high/" target="_blank" rel="noopener ">yearly high</a> of $0.03806, a level unseen since May 2022. 
This surge in VET’s value has generated substantial excitement among crypto analysts, who predict promising days and months for the token, noting a clear bullish momentum across various time frames.&nbsp; 
<h2 id="vechain-potential-breakthrough">VeChain Potential Breakthrough&nbsp;</h2> 
Rekt Capital, a renowned crypto analyst, <a href="https://x.com/rektcapital/status/1739266850624557337?s=20" target="_blank" rel="noopener nofollow">highlights </a>the progress VeChain has made in closing the “Volume Gap” between $0.01728 and $0.02694.&nbsp; 
Rekt Capital suggests that VeChain is now primed to test the resistance wall between $0.0500 and $0.0600. This analysis indicates that VeChain’s momentum is strong and positions the token for potential further growth. 
<img loading="lazy" decoding="async" class="size-large wp-image-566900" src="https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=860&amp;resize=860%2C610" alt="VeChain " width="860" height="610" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=1786 1786w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=860&amp;resize=860%2C610 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=120 120w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCMb7iWXwAALY_7.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
However, while the bullish prospects for VET appear promising, significant <a href="https://www.newsbtc.com/news/cardano/cardano-ada-retests-resistance-wall-break/" target="_blank" rel="noopener ">resistance lines</a> must be overcome to achieve further gains.&nbsp; 
In the event of a continuation of the VET rally above $0.0600, the token will face resistance walls at $0.06170 and $0.06450 before reaching the $0.0700 level on its path towards the coveted $1 mark. 
<h2 id="vet-s-potential-surge-to-1-6-based-on-historical-patterns">VET’s Potential Surge To $1.6 Based On Historical Patterns</h2> 
In addition to Rekt Capital’s analysis, Egrag Crypto, another respected crypto analyst, offers an<a href="https://x.com/egragcrypto/status/1739177882834878865?s=20" target="_blank" rel="noopener nofollow"> optimistic outlook</a> for VeChain’s future.&nbsp; 
Egrag Crypto believes that VeChain has the potential to reach an impressive target of $1.6. To support this projection, Egrag Crypto examines VeChain’s previous price movements and identifies patterns that indicate the potential for significant growth.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-566901" src="https://www.newsbtc.com/wp-content/uploads/2023/12/GCLLdyVWYAAZMdF.png?w=860&amp;resize=860%2C366" alt="VeChain " width="860" height="366" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/GCLLdyVWYAAZMdF.png?w=1281 1281w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCLLdyVWYAAZMdF.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCLLdyVWYAAZMdF.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCLLdyVWYAAZMdF.png?w=860&amp;resize=860%2C366 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCLLdyVWYAAZMdF.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCLLdyVWYAAZMdF.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
By analyzing a similar move ‘A’ from VeChain’s launch point at around $0.90, which resulted in a threefold increase from the previous all-time high, Egrag Crypto suggests that VeChain could replicate a similar move, leading to a surge <a href="https://www.newsbtc.com/news/sei-token-rocks-altcoin-market-with-50-surge-whats-driving-the-momentum/" target="_blank" rel="noopener ">towards the $1.6 mark</a> or even Fib 1.618. 
Egrag Crypto’s analysis aligns with VeChain’s historical performance and reinforces the notion that the token has the potential for substantial growth.&nbsp; 
With VeChain’s previous<a href="https://www.newsbtc.com/news/ethereum/ethereum-support-zone-path-all-time-high/" target="_blank" rel="noopener "> all-time high </a>standing at $0.27, achieving the projected $1.6 mark would require a relatively modest 6X surge. Egrag Crypto’s analysis suggests that VeChain could easily experience a 50X to 100X climb from its bottom, presenting an enticing opportunity for investors and traders. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/rQpJzJ4Z/" alt="VeChain " width="1814" height="858"> 
The future trajectory of VET’s uptrend remains uncertain, as it faces the possibility of a correction. The potential risk lies in gainers selling off their tokens, which could jeopardize the bullish momentum of the token.&nbsp; 
However, the analyses provided by both Egrag and Rekt indicate that VET is well-positioned to reach and even surpass its previous all-time high. 
Featured image from Shutterstock, chart from TradingView.com

VeChain Skyrockets By 77% To Reach New Yearly High, Analyst Bullish On VET Targeting $1.6

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