The crypto markets have experienced a slight rise of over 2.6% as the BTC price regained levels above $63,000. This rise occurred in times when the markets were believed to continue with a bearish pattern and hence some of the altcoins appear to be preparing for a bullish breakout. Among them is Vechain (VET), which is heading towards the edge of the bearish consolidation and hence a bullish breakout could be imminent.
The VET price has been trading within a rising wedge since the second half of 2023 and after a healthy retracement, a fresh upswing may begin. On the other hand, the latest rise has elevated the levels above the prolonged consolidation range. Moreover, the token is reciprocating a previous pattern and if this pattern is validated, then another monstrous rally may begin with more than 10x gains in the upcoming months.
A popular analyst, Ali, has observed the bullish divergence within the token and analysed the upcoming price action. The analyst believes that the VET price is set to rebound this summer with explosive growth as the technicals turn bullish. The price has remained stuck within a range between $0.033 and $0.015 for more than 20 months. Soon after the breakout, the price retraced well, tested the neckline-turned-to-support levels and rebounded. Hence, it suggests a fresh bullish wave may soon begin.
The price has displayed a similar price action just before the beginning of the 2021 bull run. After a range-bound consolidation between $0.008 and $0.003 for nearly 20 months, the Vechain price underwent a monstrous rally of over 1000% to mark highs close to $0.25. Therefore, this raises the speculation of repeating a similar trend, which may prevail over the next 12 to 18 months and mark new highs above $0.4.
Collectively, altcoins have displayed acute strength compared to that of Bitcoin and hence tokens like VET are believed to trigger a bullish rally, probably in the upcoming couple of months.
Also Check Out : Bearish Flags Flutter Over Ethereum & This Popular Altcoin as They Could be Poised for a 10% Pullback
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