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VeChain (VET) At Decisive Point: A Closing Above This Pivotal Level Could Trigger Rally to $1.8

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.

Read Also: VeChain Seals Partnership With Vyvo Smart Chain to Revolutionize Health Data Management

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.

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.

Read Also: Coinbase Adds VeChain (VET) and VeThor (VTHO) to its Roadmap, Listing Likely Underway

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.

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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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Adedoyin Aka
Adedoyin Aka
Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.
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