Popular cryptocurrency analyst, EGRAG CRYPTO, in a post on X, predicts a significant bullish move for VeChain (VET), citing technical analysis patterns. His projections suggest a potential price target of $1.6 for the enterprise-focused blockchain token.
Cloning Technique Points to Upside
EGRAG CRYPTO, known for bullish outlooks on VET, applies a technique called “cloning” to historical price charts. This technique involves identifying similar chart patterns and extrapolating potential future price action. The analyst pinpoints a triple bottom pattern formed by VET between December 2018 and 2020, noting its correlation with substantial rallies in the past.
While not offering guarantees, EGRAG CRYPTO outlines a possible scenario: VET initially surging towards $0.115, retracing to approximately $0.035, and subsequently launching towards a long-term target of $1.6. The analyst emphasizes that this is a projection, and actual price movement can be influenced by various factors.
#VET Triple Bottom: Cloning Pattern ($1.6)🚀
I've applied the cloning technique to a previous cycle's blue arrow pattern, and the current price action suggests that #VET may be gearing up for some exciting moves.
The pattern indicates a potential rise to 0.115c, followed by a… pic.twitter.com/ujfjtmjQPn
— EGRAG CRYPTO (@egragcrypto) March 22, 2024
Historical Precedent
The analyst’s outlook draws strength from VeChain’s previous price performance. After a similar triple bottom pattern, VET rallied to $0.0232 in August 2020. Although a pullback followed, VET later soared to its all-time high (ATH) in April 2021. EGRAG CRYPTO suggests the current market conditions could mimic the pre-ATH phase, leading to another substantial upswing.
Fundamental Support
Beyond technical patterns, EGRAG CRYPTO highlights fundamental developments that could bolster VET’s value. VeChain’s recent launches, including the B3TR and VOT3 tokens and the VeBetterDAO sustainability platform, demonstrate the project’s continued innovation. This focus on real-world adoption and sustainability could attract investors and drive demand for the VET token.
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Analyst’s Outlook and Current Market
EGRAG CRYPTO’s consistently bullish forecasts on VET set him apart within the analyst community. While this specific prediction carries inherent risk, it underscores the potential upside the analyst sees in VeChain. At present, VET trades at $0.03987 with a market capitalization of $2,923,632,411, experiencing a slight price dip for the day.
It’s important to remember that cryptocurrency markets are highly volatile. Technical analysis and price predictions should not be considered definitive financial advice. It’s crucial to conduct your own research and exercise caution before making any investment decisions.
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