As interest in the crypto market soars, VeChain (VET) has surfaced on the watchlist of a top technical analyst and investor.
Based on proven historical patterns and technical indicators, VET has been primed for a massive bullish breakout to the $1.6 zone. This projection represents a surge of over 8,424% from VET’s prevailing value and a 475% appreciation from its all-time high.
Read Also: Coinbase Adds VeChain (VET) and VeThor (VTHO) to its Roadmap, Listing Likely Underway
Bullish Expectations for VeChain
Egrag, a renowned chartist known for his detailed price analysis, recently drew the attention of the crypto community to VET, suggesting that the popular asset may be next to stage a notable rally amid the market-wide bullish developments. Recall that several Bitcoin ETFs from different asset managers including BlackRock have been filed recently, helping to further boost interest in crypto.
While noting that the VET price is at an accumulation stage at the time of the analysis, the pseudonymous analyst said investing in the project at this critical stage could unlock financial chains for long-term holders.
“Right Now VET still in accumulation phase (Long-term) and it will be life-changing opportunity,” he wrote. Notably, his price projection for VET was done in April when the asset was trading at a strong support price of $0.0135, using a one-week timeframe (1W TF) chart. But VET is changing hands at $0.01877 at the time of writing.
#VET Again $1.6:
Refer to Nov 16th 2022, where I was emphasizing on the criticalness of #VET price action.
Right Now #VET still in accumulation phase ( Long-term) and it will be life changing opportunity.
If the fractal repeats from previous cycle then $1.6 can easily be… https://t.co/hEGMSPMliw pic.twitter.com/wu2cRDrniu
— EGRAG CRYPTO (@egragcrypto) April 7, 2023
Read Also: VeChain (VET) Price Seems Close to Breaking Out, Top Analyst Shows on a Chart
VET to $1.6 is Easy, Analyst Tells
According to the expert, a sustained bull run is inevitable for the VeChain native token ranked 37th in the overall crypto market. In particular, Egrag noted that VET’s ultimate target would be $1.6 if it follows the previous bullish cycles that saw the asset reaching an all-time value of $0.2782 in April 2021.
“If the fractal repeats from [the] previous cycle then $1.6 can easily be achieved,” he wrote. Notably, a surge to this price point would represent an increase of roughly 475% from VET’s all-time high value. Meanwhile, it would mark an increase of over 8424% from its value at the time of writing.
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