Martinez announced the end of VeChain’s consolidation phase in a recent tweet, pointing up patterns in the candlesticks that were evocative of 2020. The analyst’s chart indicates that prior to the 2021 bull market, VET underwent 595 days of consolidation before making a profitable breakout and hitting an all-time high of $0.2782.
Martinez put forward a hopeful scenario in which history might repeat itself, with an accumulation period lasting roughly the same amount of time since 2022. To be more precise, he predicted that this week VET might break through into the $0.05 region, with a first aim of $0.054. It is noteworthy that two years have passed since VeChain last hit the $0.054 pricing point. At $0.0454, VET’s market value would have increased by 56% from its current $0.03462 level. Considering that the asset has increased by 24% over the previous week.
VeChain (VET) Signals Impending Announcement
VeChain is currently trading at $0.0376, a remarkable 11.76% daily increase as of the time of publication. The altcoin’s trading volume has also increased significantly, rising by an astounding 155% to reach $135,737,862. Even with these recent advances, VET is still far behind its peak of $0.281, indicating that there may yet be further upside movement.
The anticipation of an impending announcement from the VET network aligns with the price spike of VeChain. According to insiders, VET is getting ready to announce intentions to use blockchain technology to improve environmental initiatives. VET wants to use blockchain technology to create interconnected ecosystems that directly reward and promote sustainable behavior, with a focus on sustainability.
The potential of blockchain technology to promote sustainable behaviors and bring about positive change is shown by this strategic direction.
VeChain supporters anticipate a price of $0.7 by November of this year, signifying a remarkable 19-fold increase or an impressive growth of 1,921% within a span of ten months. The current trajectory of VeChain’s all-time high suggests a growth of 1,730% from its previous value of $0.01522. However, this growth, which materialized over multiple years, is notable. The analyst cautioned that a brief correction might transpire by June before the upward rally towards $0.7.