VeChain (VET) has experienced remarkable growth in recent days, and prominent crypto analyst EGRAG Crypto believes the future holds even greater gains. The analyst outlines a three-step price progression with potential targets that could see VET reach a $1.6 valuation, representing a 3455.56% increase from its current price of around $0.045.
Current Price Stagnation After Recent Surge
According to CoinMarketCap’s data, VET peaked at $0.05476 within 30 days but has settled into a consolidation phase hovering around $0.045. While this lack of volatility might suggest a loss of momentum, EGRAG remains optimistic about VeChain’s future growth.
In a recent analysis, EGRAG utilizes a technical analysis known as Channels to map out VET’s potential price movements. These channels are highlighted in bullish colors (yellow, blue, green) and represent zones where support and resistance are likely to clash.
#VET YBG – Yellow-Blue-Green: 🟡🔵🟢
A) Yellow Channel: The #BULLS are fighting to close above the Yellow Channel. If they succeed, #VET will likely propel to the Blue Channel.
B) Blue Channel: Closing within the Blue Channel and maintaining it is #Bullish, while getting… pic.twitter.com/xuROvW543x
— EGRAG CRYPTO (@egragcrypto) March 14, 2024
First Hurdle: Breaking the Yellow Channel
Currently, Vechain (VET) resides within the yellow channel. EGRAG emphasizes the importance of VET bulls overcoming resistance and securing a daily close above this zone. This translates to a price target of approximately $0.09.
Potential Surge to $0.23 and Beyond
A successful breakout from the yellow channel, according to EGRAG, could trigger a significant price increase, propelling VET into the blue channel, with a potential price target of $0.23. This represents a substantial 411% increase from VET’s current price.
The analyst acknowledges the possibility of a temporary pullback after reaching the blue channel, potentially retesting the $0.09 support level. However, EGRAG views this as a bullish development, paving the way for a stronger upward move.
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Green Zone: Profit-Taking Targets and Potential New Highs
Finally, EGRAG identifies the green channel, ranging from $1 to $1.6, as a potential profit-taking zone for VeChain investors during the anticipated bull run. A price target of $1.6 would mark a historic peak for VET, significantly surpassing its current all-time high of $0.2782.
While EGRAG’s analysis presents a bullish outlook for VeChain, investors must conduct thorough research before investing in any cryptocurrency.
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