Altcoin
This Altcoin is Poised for a Rebound This Summer with Potential Explosive Growth of 100% in the Next Two Months
Cryptocurrency markets saw a slight increase of over 2.6%. BTC price it regained levels above $63,000. This increase occurred during times when markets were believed to continue in a bearish pattern and thus some of the altcoins appear to be preparing for a bullish breakout. Among them is Vechain (VET), which is heading towards the edge of bearish consolidation and therefore a bullish breakout may be imminent.
THE Price of VET it has been trading within an ascending wedge since the second half of 2023 and, after a healthy retracement, a new recovery could begin. On the other hand, the latest rally has lifted levels above the extended consolidation range. Furthermore, the token is reciprocating a previous pattern and if this pattern is validated, another monstrous rally could begin with more than 10x gains in the coming months.
A popular analyst, Wings, observed the bullish divergence within the token and analyzed the upcoming price action. The analyst believes that VET price is set to rebound this summer with explosive growth as technicals turn bullish. The price has been stuck in a range between $0.033 and $0.015 for more than 20 months. Immediately after the breakout, the price retraced well, tested the neckline levels turned into support and rebounded. Hence, he suggests that a new bullish wave may soon begin.
The price showed similar price action just before the start of the 2021 bull run. After consolidating within a range of $0.008 to $0.003 for almost 20 months, Vechain price has undergone a monstrous rally of over 1000% to mark highs near $0.25. Therefore, this raises the possibility of repeating a similar trend, which could prevail in the next 12-18 months and mark new highs above $0.4.
Collectively, altcoins have shown sharp strength compared to that of Bitcoin and hence tokens like VET are believed to trigger a bullish rally, likely in the next couple of months.