VeChain’s (VET), a cryptocurrency, has seen a remarkable rise in the past few days. EGRAG Crypto is a prominent analyst who believes that future gains will be even more impressive. 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 Around $0.045
Prices Stagger After Recent Surge
CoinMarketCap shows VET peaked in the last 30 days at $0.05476. However, it is now in a period of consolidation around $0.054. This lack of volatility may suggest that VeChain is losing momentum. However, EGRAG continues to be optimistic.
EGRAG has used a channel analysis to predict the future price movement of VET. These channels have been highlighted with bullish colours (yellows, blues, and greens) to represent areas where resistance and support are most likely to collide.
#VET YBG – Yellow-Blue-Green: 🟡🔵🟢
A Yellow Channel #BULLS They are trying to get above the Yellow Channel. If they are successful, #VET The Blue Channel will most likely be the next to get a boost.
Blue Channel (B): Close the Blue Channel within its boundaries and maintain it. #Bullish, while getting… pic.twitter.com/xuROvW543x
— EGRAG CRYPTO (@egragcrypto) March 14, 2024
Breaking the Yellow Channel is the first hurdle.
Vechain is currently located in the yellow channel. EGRAG highlights the importance that VET bulls overcome resistance to secure a daily closing above this area. This is equivalent to an approximate price of $0.09.
Increases to $0.23 and beyond
EGRAG says that a successful breakout of the yellow channel could lead to a price rise. propelling VET will be placed into the Blue Channel, and a target price of $0.23 is possible. VET is currently priced at $0.23, a 411% rise.
Analyst acknowledges that there is a possibility for a temporary drop after the analyst reaches the blue channel. This could lead to retesting the $0.09 level of support. EGRAG sees this as a positive development that could pave the way for an even stronger upward move.
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Green Zone – Profitable Targets & Potential Highs
EGRAG also identifies a green channel between $1 and $1.6 as an area where VeChain’s investors could potentially take profits during the bull run. VET’s current high price of $0.2782 would be significantly exceeded by a $1.6 target, which represents a historical peak.
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Source: timestabloid.com