Crypto analyst Egrag Crypto believes that VeChain (VET) and XRP could be poised for significant upward price movements. The analyst has shared detailed projections of potential price targets for both cryptocurrencies.
Egrag’s analysis of VeChain suggests a series of ascending price targets. The initial target envisions VET breaking out of its current range and surging to approximately $0.18. According to the analyst, this move would represent a substantial gain and establish a macro-bottom formation.
Read Also: Citing VeChain Historical Pattern, Analyst Predicts 1680% VET Price Rally. Here’s when
The next phase would potentially see VET rise toward $0.9. The analyst indicates that this bullish continuation aligns with key Fibonacci levels, suggesting a mid-cycle upswing. Finally, the most ambitious target projects VET reaching as high as $2.5, coinciding with significant Fibonacci levels that could indicate a cycle top.
Egrag Crypto has previously expressed optimism about VeChain. In February, the analyst suggested a potential 140x price increase if VET were to replicate historical price action from 2021.
Egrag Crypto’s analysis of XRP identifies positive signals, including a double formation suggesting a strong bullish outlook. The analyst believes that a substantial upward thrust in price is likely to occur soon.
This updated analysis builds on Egrag Crypto’s prior bullish stance on XRP, in which a target of $1.4 was predicted. Egrag asserted the bullish trend might already be underway due to previous bearish selling pressure being absorbed.
Despite recent subdued price action, Egrag Crypto maintains confidence in XRP’s potential. The analyst has forecasted the possibility of a surge taking XRP to new highs, potentially reaching up to $27.
According to data from CoinMarketCap, XRP is trading around $0.52, with no change in price over the last 24 hours.
Read Also: Binance Moves Over 64 Million XRP Amid Price Rebound. Here’s the Destination
It’s important to understand that Egrag Crypto’s predictions rely on technical analysis. This involves studying historical price charts and patterns along with indicators like Fibonacci levels to anticipate potential future price movements.
While technical analysis can offer valuable insights, it’s essential to remember that past performance does not guarantee future results, also, Cryptocurrency markets are notably volatile. Projections and analyses should never be considered guaranteed outcomes. Always conduct thorough research and invest with caution.
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