A recent analysis of VeChain (VET) by prominent crypto analyst EGRAG CRYPTO (@egragcrypto) has generated interest among investors. The analyst presented a chart showing a potential crash for VeChain which could send it to historic lows.
However, a closer look reveals that the chart is flipped, and EGRAG CRYPTO predicts a potential new all-time high for VeChain (VET).
Read Also: Top Chartist Predicts VeChain (VET) Rocket Rally to $1.8. Here’s the Timeline
The Triple Bottom Pattern
EGRAG CRYPTO’s chart shows a “triple bottom” pattern, a technical indicator that suggests a possible trend reversal. The triple bottom pattern is formed by three consecutive lows in the price of an asset, with each low followed by a rebound. In the case of the VeChain (VET) chart, the three lows are represented by three price retests of the $0.01349 support.
EGRAG CRYPTO compares the current triple bottom pattern to a similar pattern in late 2018 and early 2020. Following the previous triple bottom, the price of VET rose from below $0.003 to a high of $0.02329.
Although the digital asset experienced a correction to $0.00922, this was part of the plan, as this correction was the launchpad for a surge that sent VET to its all-time high of $0.2782 in April 2021.
Based on this historical performance, the analyst predicts that VET could see a similar surge following the current triple-bottom pattern. Another prominent analyst recently predicted that VET could surge to $0.6, but EGRAG CRYPTO more than tripled that with his $1.8727 target.
#VET Triple Bottom & It will Crash 😂: pic.twitter.com/MCRiYyIafc
— EGRAG CRYPTO (@egragcrypto) May 8, 2024
Bullish Sentiment for VeChain (VET)
EGRAG CRYPTO’s analysis adds to the growing bullish sentiment surrounding VeChain. VeChain is a blockchain platform that provides solutions for supply chain management, data provenance, and other enterprise applications. The platform has recently gained traction with the announcement of several high-profile partnerships.
Read Also: Projected Timeline For VeChain (VET) To Surpass $10
Important Considerations
It is important to note that past performance does not guarantee future results. The cryptocurrency market is highly volatile and susceptible to unexpected events. Investors should always conduct their research before making any investment decisions.
EGRAG CRYPTO also includes a disclaimer stating that it should not be considered financial advice. He advises the community to conduct research and take full responsibility for investment decisions.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
VeChain’s Future
Despite the uncertainty of cryptocurrency investments, recent developments like the integration of VeChain-powered technology into UFC gear suggest that VeChain is well-positioned for future growth.
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