EGRAG CRYPTO is a popular cryptocurrency analyst. post On X, citing patterns of technical analysis, he predicts a bullish movement for VeChain. He estimates that the token’s price could be as high as $1.6.
The Closing Technique is pointing upward
EGRAG CRYPTO is also known as bullish outlooks on VET, applies a technique called “cloning” To historical charts of prices. This method involves finding similar patterns on charts and extrapolating future prices. This analyst identifies the triple bottom pattern that VET formed between December 2018-2020, and notes its correlation to substantial rallies from previous years.
EGRAG CRYPTO, while not making any guarantees, offers a scenario that could be possible: VET would initially rise towards $0.115 and then fall back towards approximately $0.035. It might also launch towards the long-term $1.6 target. This is just a prediction, the analyst says. The actual price can change depending on a variety of factors.
#VET Triple Bottom: Cloning pattern ($1.6).🚀
This is a cloning of a cycle’s blue-arrow pattern. The price action today suggests the same. #VET You may be preparing for some exciting new moves.
The pattern indicates a potential rise to 0.115c, followed by a… pic.twitter.com/ujfjtmjQPn
— EGRAG CRYPTO (@egragcrypto) March 22, 2024
Historical precedent
VeChain’s prior price performance is used to support the analyst’s forecast. VET rose from $0.0232 to $0.0556 in August 2020 after following a similar pattern. VET retreated after the triple bottom pattern, but it later reached its highest point (ATH) of April 2021. EGRAG CRYPTO predicts that current market conditions may be similar to those of the period before the ATH, leading to a new upswing.
Fundamental Support
EGRAG CRYPTO reveals fundamental changes that can enhance VET. VeChain launched several new products in the last few months, such as VeChain DLT. B3TR and VOT3 The VeBetterDAO platform and tokens demonstrate that the project is committed to innovation. The focus on sustainability and real-world application could help attract investors to the VET token.
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Current Market Analysis and the Analyst’s Outlook
EGRAG CRYPTO stands out in the analyst community for its consistently bullish predictions on VET. Although this particular prediction comes with inherent risks, it shows the potential upside that the analyst believes VeChain has. For the moment, VET trades At $0.03987, with a capitalization market of $2.923,632,411, the price has experienced a small drop for the day.
The cryptocurrency market is volatile. The technical analysis of the market and its price prediction should not considered as definitive. financial advice. Conduct your research. own Before making an investment decision, do your research and use caution.
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Source: timestabloid.com