Altcoins
This Altcoin is poised for a rebound this summer with potential explosive growth of 100% over the next two months.
Crypto markets saw a slight rise of over 2.6% as the BTC Price has regained levels above $63,000. This rise occurred at a time when markets were believed to be continuing a downtrend and therefore some altcoins appeared 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 could be imminent.
THE VET Prize has been trading in an ascending zone since the second half of 2023 and after a healthy retracement, a new recovery could begin. On the other hand, the latest rise lifted levels above the extended consolidation range. Additionally, the token is reciprocating a previous pattern and if this pattern is validated, then another monster rally could begin with gains of over 10x in the coming months.
A popular analyst, Ali, observed the bullish divergence within the token and analyzed the upcoming price action. The analyst believes that VET price is poised to rebound this summer with explosive growth as technical parameters turn bullish. The price remained stuck in a range between $0.033 and $0.015 for over 20 months. Shortly after the breakout, the price retraced well, tested the neckline levels turned into support and rebounded. This therefore suggests that a new bullish wave could begin soon.
The price exhibited similar price action just before the start of the 2021 bull run. After consolidating between $0.008 and $0.003 for almost 20 months, Vechain price saw a monstrous rally of over 1,000 % to reach highs near $0.25. Therefore, this raises speculation of a repeat of a similar trend, which may prevail over the next 12-18 months and reach new highs above $0.4.
Collectively, altcoins have shown acute strength relative to that of Bitcoin and thus tokens like VET are believed to spark a bullish rally, likely within the next couple of months.