EGRAG CRYPTO (@egragcrypto), a well-respected crypto analyst, has published a chart on X outlining his forecast for the VeChain (VET) token price. The chart indicates a bullish outlook for VET, with a potential price target of $1.8 by October 2024.
Key Points of His Analysis
According to EGRAG CRYPTO, VET is currently trading within a descending channel, which is typically seen as a bearish indicator. However, he argues that in this case, the descending channel is bullish.
He highlighted that the most critical stage for VET will be when the price attempts to close above the 0.5 Fibonacci retracement level, which currently coincides with the blue trend line at $0.062. If VET can successfully close above this level, it will be a significant bullish signal.
Read Also: Top Analyst Projects VeChain (VET) To Rally 7,592% to Reach $2.3. Here’s the Timeline
He anticipates potential pullbacks in the price of VET before it reaches its target. However, he sees these pullbacks as buying opportunities for investors. The chart indicates that the cycle top for VET is expected to occur at the intersection of the descending channel and the 1.618 Fibonacci retracement level in October 2024.
This is where EGRAG CRYPTO’s price target of $1.8 comes from. It is important to note that he acknowledges the possibility of taking profits on their VET holdings before reaching the target price.
#VET Cycle Peak: October 2024, Reaching $1.8#VET has entered the Descending channel 📉 which is #Bullish 📈. However, closing above Fib 0.5 which is coinciding with the Blue Trend line around 0.062c is the most critical stage for #VET.
Fib 0.5 & Blue Trend Line:
Getting… pic.twitter.com/ep3ZG5knEd— EGRAG CRYPTO (@egragcrypto) March 2, 2024
Can VeChain (VET) Reach this Target?
Although other analysts have highlighted bullish signals on VeChain’s chart, it is crucial to remember that technical analysis is not always 100% accurate. The effectiveness of technical analysis in cryptocurrency trading is a debated topic. Some traders believe it can be valuable for identifying trading opportunities, while others see it as guesswork.
The crypto market is highly volatile and unpredictable, and investors should always conduct research before making investment decisions.
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Read Also: VeChain (VET) Unveils Tech Roadmap of Notable Projects for 2023 and 2024
Future of VeChain (VET)
VeChain is a blockchain platform that provides solutions for supply chain management, data provenance, and other enterprise applications. The future of the VET token price will depend on several factors, including the adoption of the VeChain platform by businesses and the overall performance of the crypto market.
VeChain is making significant progress, and many analysts are bullish on the token. VET is currently trading at $0.04898, up 9.5% over the past week.
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