Crypto analyst Ali Martinez has identified that VeChain is in a flag breakout pattern, which could cause VET to enjoy another 30% price increase.
The renowned trader shared data today December 3, 2024, stating that the VET price is breaking out a bull flag-like structure, showing robust bullish momentum. The analyst said support is holding strong, indicating potential ahead.
The Breakout pattern places VET target at $0.10
Recently, VET has been on an upward path, currently trading at $0.06674, up 30.09%. The token experienced a surge of 67.90% in the past seven days, outperforming the wider digital asset market which is up 10.60% currently.
After the recent rise, VeChain has slowed moderately, but crypto trader analyst Ali Martinez is optimistic about its future price movements. The current price action shows that VET is testing significant resistance levels, which could trigger more price appreciation.
According to chart analysis by Ali, VeChain is in a flag breakout pattern, which is normally a bullish signal. This pattern indicates a possible bullish confirmation, with Ali predicting VET would eventually move beyond $0.056 and potentially reach new heights in the short term. Ali predicts another 30% increase from its current formations, with a potential rise to $0.10 and $0.127 if prevailing favorable trends continue.
What is driving VET price?
VET is a layer 1 blockchain network that enables developers to develop smart contracts and real-world decentralized applications on top of it. The token appears to capitalize on the current bullish sentiment in the broader digital asset market.
Altcoins continue to benefit from the ongoing Bitcoin upswing, with BTC price currently close to $100,000. VeChain witnessed impressive last month, with the ongoing bullish momentum positioned it as one of the biggest gainers, rose 153% in November.
The digital asset market could be due for another uptrend in the coming weeks or months. That explains why altcoins like VeChain look ready to leap higher from their current values.
Apart from the enthusiasm in the market, VET seems to be gaining from the ongoing developments within its network. Recent upgrades to its blockchain protocol, improved security features, and growing use cases seem to play a crucial role in bolstering its current price surge.
Furthermore, VeChain continues to take advantage of its expanding adoption and partnerships. Recently, the platform announced a strategic partnership with the European Blockchain Association, signaling a commitment to heighten its adoption in Europe.
