VeChain (VET) Price Prediction: Preparing for a Bullish Rally to $2 After a Strong Breakout in October

Over the past few months, VeChain’s native crypto VET has been seeing bearish selling pressure around $0.20 levels. However, market analysts

After facing bearish selling pressure around the $0.20 levels for the past few months, VeChain’s native crypto VET is now gearing up for a strong bullish rally to $2 after a breakout in October, as per market analysts.

The past week has seen a gain of over 8% for VeChain, with its market surging past $2 billion. Popular crypto analyst EGRAG shared a bullish outlook with the technical chart highlighting the Elliot Wave Theory.

According to this theory, the VET price is entering wave three, which is an impulsive phase, followed by a Wave Four correction. Later, in wave five, the VeChain price could see a significant rally ahead. EGRAG predicts that Vechain can easily rally to $1 in the short term with further potential to attain a peak at $2.

He also added that the price increase might happen sooner than expected, especially if the Bitcoin price surges to $70,000, allowing VeChain to gain further momentum. EGRAG Crypto believes that October could be the month of a crucial price movement.

After facing strong bearish pressure, several cryptocurrencies are now preparing for a breakout. While some, like XRP, are facing a crucial breakout, others, like Dogecoin, might see a massive rally soon.

Meanwhile, here are some key VeChain developments.

VeChain is making major inroads in different industry verticals. It is also having a significant impact on the European IoT market by implementing blockchain technology across multiple industries. These include supply chain management, healthcare, and automotive, among others, reported CNF.

VeChain Global Technology has reached a new milestone with the approval of a U.S. patent, bolstering its portfolio of blockchain innovations. The patent, titled “Methods and Devices for Managing User Identity Authentication Data,” was granted on September 17, 2024.

This latest patent aims to simplify the management of user identity authentication using an advanced blockchain-based solution. The system also focuses on methods that “provides a management device, an authentication device, a terminal, a non-transitory computer-readable storage medium, and a computer program product” for tracking users' identity, reported CNF.

VeChain CEO Sunny Lu highlighted the increasing importance of decentralized autonomous organizations (DAOs) in blockchain technology and shared his insights on the future of cryptocurrency and broader blockchain adoption, as per the CNF report.

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