VeChain (VET), a blockchain platform specializing in supply chain management and data solutions, has captured the attention of market analyst EGRAG, who predicts a potential surge ranging from a significant 58x to a staggering 146x, depending on its upcoming price movement.
EGRAG’s analysis, published on X, highlights VeChain’s recent resilience despite a broader market correction. The token experienced a 97% upswing from $0.02612 on January 23rd to a high of $0.05145 last Friday, showcasing its bullish potential. While facing some resistance, VeChain finds support around the $0.04 mark.
Read Also: Top Analyst Projects VeChain (VET) To Rally 7,592% to Reach $2.3. Here’s the Timeline
This promising performance fuels EGRAG’s optimism for VET’s future, particularly in the anticipated bull run. However, the analyst acknowledges two possibilities for the token’s trajectory, each contingent on its near-term price direction.
#VET Either 50X or 140X! 😎🫡💥:
A) If we see a percentage increase similar to "Move A," then 50X could be in play.
B) If we witness a percentage increase similar to "Move B," then 140X could be in play.
Which scenario do you think is more plausible, possible, and probable?… pic.twitter.com/3A85sgidek
— EGRAG CRYPTO (@egragcrypto) February 22, 2024
Delving into Historical Parallels: Move A vs. Move B
EGRAG’s analysis references historical price movements, precisely “Move A” and “Move B,” which represent past surges experienced by VET. Move A saw the token climb to $0.0279 in July 2018, while Move B propelled it to its all-time high of $0.2798 in April 2021.
Projecting these historical patterns onto the present, EGRAG suggests that if VET mirrors Move A, it could reach a price of $0.9151, translating to a remarkable 5,836% or 58x increase from its cycle low of $0.0154.
However, if VeChain embarks on a Move B-like trajectory, it could skyrocket to a staggering $2.4128, representing a monumental 14,628% or 146x increase from the cycle low.
Confidence in VET’s Potential, Uncertainty in its Path
While EGRAG expresses confidence in VeChain’s ability to “unlock financial chains,” he acknowledges the uncertainty surrounding its precise path forward. VET trades at $0.04397, reflecting a 0.33% gain over the previous 24 hours. The token awaits a broader market upswing to revisit the $0.50 resistance zone potentially.
It is crucial to know that various factors can influence VeChain’s trajectory, such as the overall market sentiment, adoption, partnerships, and technological advancements.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Says VeChain (VET) Is Primed For an 8,424% Rally to $1.6 As Institutional Adoption Rises
VeChain presents a compelling investment opportunity with the potential for significant growth, as highlighted by EGRAG’s analysis.
While the exact path remains uncertain, the token’s historical performance, technological advancements, and growing adoption suggest a promising future. As with any investment, thorough due diligence and a comprehensive understanding of the associated risks are essential before making investment decisions.
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