VeChain’s Growing Adoption Triggers Optimism: VET Price Targets 100% Increase

• VeChain has been tipped for a 100% explosive run that could see the asset breaching its all-time high of $0.2. 

• Another analyst has observed the formation of a cloning pattern, putting VET in line to hit $1.6. 

The groundbreaking initiatives of VeChain (VET) unlocking new use cases across a variety of fields could spearhead an explosive rise of 100% according to market analysts. Over the past couple of years, the Layer 1 blockchain has democratized smart contracts through eco-friendly solutions, making it the preferred destination for organizations and individual projects seeking to conform to the required industry standards.

Surprisingly, this robust ecosystem growth has not had a significant impact on the VET price, making it one of the most undervalued assets within the ecosystem. 

At press time, VET was down by 9% in the last 30 days but has managed to record a year-to-date growth of 22% to trade at $0.04470. Its market cap of $3.2 billion makes it the 42nd largest crypto with a 0.12% market dominance. 

According to analysts, the asset could soon “break out of its shell” in a fresh bullish move following the formation of a reversal weekly pattern. Having admitted that the asset could be one of the long-term projects in the industry despite the slow upside move of its price, it has been observed that higher highs and higher lows have marked its performance from the rebound last year. From a technical point of view, the next major liquidity zone for VET is reportedly between $0.064 and $0.088. Interestingly, this is in line with the 1.618 and 2.618 weekly Fibonacci Extension.

Why Analysts Tip VeChain (VET) for Greatness

Coupled with the Bitcoin halving that could blow the altcoins into a fresh altseason, the several strategic partnerships and the adoption of the VeChain products could send the price to a new all-time high.

VeChain has become one of the fastest-growing ecosystems in blockchain history, having been leveraged by renowned DeFi platforms including “APEWorld, vet.domains, VTHO Exchange, Vechain Rewards, Empty Wallet, Fiat On-Ramp, Mugshot, Cleanify, SQUAD VeChain, and VeBetterDAO.”

The VeChain network has also been leveraged by several multinational companies including “BMW, Walmart China, Groupe Renault, AT&T, T-Mobile, and LVMH.”

On March 27, 2024, it announced the launch of its new tokenization platform MaaS as extensively covered by Crypto News Flash. According to them, MotoGP champions Gresini Racing became the first enterprise user immediately after going live. 

MaaS’ launch is timely as we look ahead and build tools to onboard a rapidly tokenizing world, with projections of $16 Trillion in #RWA by 2030. VeChain continues focusing on delivering powerful no-code blockchain solutions for enterprises and individuals, as we drive the mass adoption of Web3 tech.

With these real-world use cases, a crypto analyst identified as EGRAG CRYPTO has observed the influence,  forcing steady accumulation of VET, leading to the formation of a cloning pattern that could catapult the asset to $1.6. This would be more than a 3710% surge from the current price.

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.