VeChain (VET) faces bearish pressure but shows signs of recovery and optimism.
Analyst predicts VET could surge to $2, especially if Bitcoin rises.
October is crucial for VET's price trajectory, with potential for significant gains.
VeChain (VET) has been struggling under bearish pressure for months, but a massive surge might be near. Analysts believe the token could hit $2 soon. With October approaching, optimism is growing that VeChain may break out and rally.
VeChain’s Battle Against the Bears
VeChain has been struggling for the most part of 2024. For instance, the token has dropped more than 8% in value over the past 30 days.
However, things are starting to look up. Last week, VeChain bounced back, gaining over 14%. VET now trades at around $0.024. Despite being down 91% from its all-time high of $0.28, many experts are optimistic.
Analysts believe VeChain could soon push through its bearish trend. Crypto analyst EGRAG recently shared his bullish outlook, highlighting the Elliot Wave Theory. According to this theory, VET could be entering Wave Three, which signals an impulsive move. This would be followed by Wave Four, a correction phase, and then Wave Five, which brings explosive growth.
How High Can VeChain (VET) Rise?
Crypto analyst EGRAG suggests that VeChain could hit $1 in the short term, with $2 as a possible peak. He also noted that this price increase might happen faster than expected. October could be a key month for VeChain, especially if Bitcoin makes significant moves. If Bitcoin hits $70,000, VeChain could ride that momentum to higher prices.
https://twitter.com/egragcrypto/status/1837366576426758372
If VET overcomes the bearish pressure, the $2 target might be within reach. The coming weeks will be crucial in determining the trajectory of VET’s price. With market conditions improving, VET could start thriving in the next few weeks. Watch out, a significant rally might be just around the corner.
The post VeChain’s Path to $2: Analyst Suggests October Might Be the Breakout Month for VET appeared first on Crypto News Land.
