- Michael van de Poppe has identified a potentially profitable opportunity on VET.
- Van de Poppe believes VET is currently underpriced.
- The crypto analyst predicts a $0.12 target for VET in the cryptocurrency’s next rally.
Crypto analyst Michael van de Poppe has identified a potentially profitable opportunity on VET, the native cryptocurrency of the VeChain Thor blockchain. In his latest post on X, Van de Poppe described VET as one of the altcoins that offer lifetime opportunities.
Related: VeChain Gains Institutional Backing as Analysts Call for 200% Breakout
VET is Trading at a Promising Level
According to the analyst, VET is currently trading at a promising price level, considering the developments surrounding digital assets that are expected to boost its demand in the future. He explained that the benefit of hindsight supports VET’s potential to return to historical highs.
TradingView’s data shows that VET traded for $0.0169 at the time of writing, reflecting a drop to its lower price region on the weekly timeframe. Despite this decline, VeChain has continued to build, which Van de Poppe highlighted as a fundamentally positive development for the cryptocurrency.
Related: VeChain Price Prediction: VET Battles Resistance as Traders Watch Open Interest Surge
Macroeconomic Factors are Behind VET’s Recent Struggles
In the meantime, the crypto analyst linked VET’s failure to reflect the fundamental growth of VeChain to the macroeconomic challenges of the past six months, which created a significant gap between the real value of a crypto asset and the macroeconomic environment. However, he sees VET’s correction of about 70% as an opportunity for investors.
From a technical perspective, Van de Poppe noted that the 1.618 Fibonacci level served as the base of VET’s previous rally. Counting on that, he predicted that the cryptocurrency could experience another notable rally in the coming months, which could see it target $0.12 as the next level for profit-taking.
Ecosystem Developments Back a Potential VET Rally
It is worth noting that Van de Poppe backed his VET prediction with ongoing developments in the VeChain ecosystem, including the recent launch of a staking feature on Stargate.
According to information on Stargate’s website, the new product will strengthen the network, promote decentralization, and enable users who stake their VET tokens to earn rewards in VTHO.
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