VeChain (VET) has been under the spotlight, with EGRAG CRYPTO, a prominent analyst, reaffirming his belief in the project.
In a post on X, the analyst expressed his certainty in the crypto project granting financial freedom to its users; he said, “VET will unlock your financial chains”.
Despite facing setbacks in his initial predictions, EGRAG’s confidence in VET has not wavered. Last December, he identified three key target points for the asset, which they’ve not met to date.
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Nevertheless, in his latest update, he not only retains his optimism but also outlines a critical condition that could set VET on a path to remarkable growth.
The analyst said the asset must close the week’s trading candle above the Fibonacci 0.382 level, corresponding to $0.04318. He added that reaching this milestone will reinforce its rise towards the Fibonacci 0.702 level, equating to a $0.11 price for VeChain (VET).
As of the latest update, VeChain is changing hands around the critical price point, trading at $0.04358. However, it remains to be seen if this price can be maintained or go higher by the week’s end.
The Journey to Unprecedented Heights
If VET sustains its current price level, EGRAG envisions an ambitious 152% rally to the $0.11 mark. This target, however, is just the beginning. The analyst forecasts a series of bullish projections that could see VeChain reach between $0.68108 and $1.05763 and go further to reach $1.99 and $2.3, indicating a potential 5,186% increase from its current value.
Achieving a price of $2.3 would not only surpass the asset’s previous all-time high of $0.2782 but would also set a new benchmark for its market performance.
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Validation from Other Analysts
Renowned analyst Ali Martinez shares a similar sentiment as EGRAG. However, he anticipates a subsequent bull run propelling VET to a staggering $0.70 by November, representing a monumental 1,506% increase from current prices.
He said in a post on X, “It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and a bull run to $0.70 by November!”.
This collective optimism underscores a growing belief in VeChain’s potential to outperform its previous market cycles, possibly reaching formidable price points this season.
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