thecryptobasic.com
VeChain (VET) currently trades at a decisive position, according to notable crypto analyst EGRAG, who sets an ultimate target of $1.8 upon a bullish weekly close.
According to EGRAG, this decisive position is the Fibonacci 1 level on the weekly timeframe. Notably, data from the analyst’s chart suggests that the Fib. 1 zone currently sits around the $0.038 price territory, representing a stern resistance point for the cryptocurrency.
The last time VeChain saw this price level was in May 2022 during the price slump triggered by the Terra ecosystem collapse. VET relinquished multiple support levels, breaking below the $0.035 psychological support and trading below it until recently.
Amid the recent uptrend in the broader crypto market, VeChain has begun mounting a recovery above $0.035. The crypto asset first formed a bullish pennant on the daily chart from Nov. 6 to Dec. 2, as it consolidated between $0.01920 and $0.02374.
After breaking above the upper trendline of the pennant, VET recorded a massive run that saw it surge to a high of $0.03877 on Boxing Day. However, the resistance at this lofty price position has resulted in three consecutive intraday losses for VeChain. The asset’s weekly outlook is also not entirely favorable.
EGRAG believes VET would need to record a weekly close above this price level to witness a “strong bullish momentum.” The analyst emphasized that if VeChain closes above the Fibonacci 1 zone around the $0.038 territory, it would indicate a confident breakout from a major resistance point.
VeChain Targets $1.8
According to EGRAG, this bullish close would suggest the continuation of the current uptrend. Should this materialize, the seasoned analyst already has multiple price targets set for VeChain, as he projects a bullish trajectory for the token.
VET currently trades for $0.03594, up 4% over the last week and looking to solidify the position above $0.035. EGRAG noted that the crypto token could hit its first target at $0.05 if it registers the anticipated bullish close. If VeChain breaks this level, the next target sits at $0.115.
The analyst placed his third target at $0.5, which would mark a new all-time high above the previous one of $0.27983 in April 2021. However, EGRAG’s projections are more ambitious, as he sets an ultimate price target of $1.8. VET would need to rally 4,908% to clinch the ultimate target of $1.8.
While EGRAG remains confident in VeChain’s bullish future, the analyst cautioned that nothing takes a straight trajectory to hit its targets. As a result, it is important to not take these projections as investment advice, given the market’s inherent unpredictability.