thecryptobasic.com
Notable crypto chartist EGRAG remains confident in the future performance of VeChain (VET), maintaining that the projected six times surge to $1.6 is a “feasible goal.”
In a recent post on X, the analyst updated a previous price outlook for VET amid current market conditions. In April, EGRAG had suggested that XRP was on the verge of recording a massive price explosion. He presented different moves the crypto asset would take in the future.
The latest analysis is built on the April post. He specifically focused on a previous price trajectory he dubs “Move B.”
Notably, VeChain traced the Move B when it rallied from the $0.00143 low in March 2020. The asset surged to an all-time high around the $0.27 zone in April 2021.
This Move B came after a similar price surge dubbed “Move A” from 2018 to 2019. EGRAG’s analysis suggests that VET is now looking to first replicate the trajectory of Move A, which would bring the crypto token’s price to the $0.90 region.
VeChain Targets $1.6
According to EGRAG, the Move A target would represent a three times increase from VET’s previous all-time high.
The analyst then turns his attention to Move B, which would present another price surge, eventually resulting in another three times surge to the ultimate $1.6 target.
The $1.6 target aligns with the Fibonacci level of 1.618. However, the crypto asset has multiple resistance levels to breach for a chance at clinching the lofty $1.6 target.
VeChain currently trades for $0.03668 at the reporting time. At this price, the asset would need to increase 636%, or 6.3x, to the previous all-time high of $0.27.
Interestingly, the $0.27 high currently rests at the Fib. 1 level. Should VeChain break above this price, it would face the next pivotal resistance point at $0.6074, sitting at Fib. 1.272.
Breaching $0.6074 would then bring the resistance level of $0.91, aligning with the peak price expected for Move A. The $0.91 price threshold represents the last major resistance before the $1.6 price, per data from EGRAG’s chart.
Meanwhile, in the short term, VeChain has been performing well over the past six weeks. The crypto asset has continued to record green weekly candlesticks since late November. These bullish weekly closes have spilled into this month. VET is up 72% since Nov. 20.