VET seems close to breaking out of the descending channel it has been trading in since April 2021, according to a notable crypto analyst Egrag, who thinks the current low price of the crypto asset may be a good buy opportunity.
It bears noting that VET has been on a downtrend for over two years since the crypto asset touched its all-time high of $0.2782 per coin in April 2021. Per a chart shared on Monday by the pseudonymous technical analyst Egrag, VET has attempted five times to break out of the descending triangle but failed.
Egrag drew attention to the fifth breakout attempt which occurred following the latest market-wide rally that took BTC to $31K, stating that the more the attempts, the closer VET is to breaking out of the year-long descending channel. “This is VET’s fifth attempt to break-out from the Descending Channel. The more it fails the closer the break,” he tweeted.
#VET What's Next:
This is #VET fifth attempt to break-out from the Descending Channel. The more it fails the closer the break.
— EGRAG CRYPTO (@egragcrypto) May 14, 2023
While VET got resisted at $0.03 in its fourth break-out attempt recorded in April 20232, the price of the digital asset couldn’t go beyond $0.028 in the fifth attempt.
VET Price Predictions
As per his VET/ USDT analysis, the native token of Vechain is primed to rally massively and perhaps reach three key targets if it escapes the descending channel in a subsequent attempt. All things being equal, Egrag expects the price of VET to rise to $0.064 first and then hit $0.1165 with the ultimate target price being set at $1.66.
On the other hand, the widely followed expert didn’t rule out the possibility of VET’s price falling lower. “Double bottom is plausible and probable,” he wrote, implying that the price of the crypto asset could touch $0.01519 and $0.007 in the case of unfavorable market conditions.
At the time of writing, VET is up 1.23% in the last 24 hours and is exchanging for $0.1955 per coin.