VeChain, the blockchain platform driving sustainable supply chains, is at a critical juncture. A significant weekly close above a key resistance level could unleash a bullish surge, potentially propelling the token to an impressive $1.8, as suggested by crypto analyst EGRAG.
Breaking Through Barriers: The Fibonacci Factor
The key to VeChain’s potential rise lies in the Fibonacci 1 level on the weekly chart, currently around $0.038. This formidable barrier, last encountered during the market turmoil caused by Terra in May 2022, has kept VET restrained for months.
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However, a recent upward trend, fueled by overall market optimism, has seen VeChain claw its way back above $0.035. A bullish pennant formation on the daily chart indicates pent-up momentum, now testing the $0.038 resistance level.
#VET Weekly Close-Fib Channel 1.0:🚀🚀🚀🚀🚀
Closing above the Fib Channel 1.0 indicates a strong bullish momentum and it signals a breakout from a major resistance level. It suggests potential for the trend to continue higher.
Possible And Future Targets:
1) 0.05c
2) 0.115c
3)… pic.twitter.com/H7VI5qq9Ol— EGRAG CRYPTO (@egragcrypto) December 28, 2023
A Bullish Trajectory Emerges: Beyond the Tipping Point
EGRAG suggests that surpassing this pivotal level with a strong weekly close would trigger a “powerful bullish momentum.” It would signify a confident breakthrough, paving the way for a potential price rally.
If this scenario unfolds, EGRAG has outlined a roadmap for VeChain’s trajectory. The initial obstacle lies at $0.05, followed by a more ambitious target of $0.115. Successfully surpassing these levels could even propel VET to new all-time highs, surpassing the current record of $0.28.
According to EGRAG, the ultimate goal is an astounding $1.8. Achieving this astronomical target would require a nearly 50-fold increase from the current price, demonstrating the analyst’s unwavering belief in VeChain’s potential.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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Balancing Enthusiasm: Realistic Market Considerations
While EGRAG’s outlook is captivating, it’s important to acknowledge that the crypto market rarely follows a straightforward path. Volatility is inherent, and unexpected events can disrupt even the most well-crafted plans.
Therefore, it is crucial to view EGRAG’s targets not as investment advice, but as possibilities within a dynamic and unpredictable landscape. Thorough research, risk management, and a healthy dose of skepticism remain crucial foundations for any sound investment strategy, even amidst optimistic forecasts.
VeChain’s journey towards $1.8 may encounter resistance and unforeseen obstacles. However, the potential for a significant ascent, driven by a decisive breakthrough at the $0.038 level, cannot be denied. Only time will reveal whether VeChain can break free from its limitations and strive for the ambitious target envisioned by EGRAG.
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