coinedition.com
Popular altcoin VeChain (VET), which has seen an increase of over 20% in the last 24 hours, resiliently maintains its position above $0.04 despite selling pressure on Bitcoin and cryptocurrencies. The VET token price has surged by over 80% in the last 7 days.
Now, the main question is whether the VET token will rise further. This question is addressed in the analysis shared by EGRAG CRYPTO on X. The renowned analyst EGRAG reiterated his predictions by examining the chart of the VET token. According to the analyst, if the weekly candle closes above $0.04317 (Fibonacci 0.382 level), the VET token will strengthen its position.
#VET will unlock ur financial chains(Update):
— EGRAG CRYPTO (@egragcrypto) February 16, 2024
Closing this week's candle above the Fibonacci 0.382 level will not only solidify our current position but also set the stage for us to swiftly reach our next target at the Fibonacci 0.702 level (0.11c).
Rest assured, our targets… https://t.co/dNILsCf7T2 pic.twitter.com/LKuuUWfRxS
When the condition mentioned by the analyst is met, he points to the next target at the Fibonacci 0.702 level. The Fibonacci 0.702 level corresponds to $0.11640. If the analyst’s target is achieved, the VET token price will show an increase of approximately 140% from the current price.
EGRAG CRYPTO’s massive VET price prediction indicates a belief that VET’s price could double or more. Additionally, EGRAG emphasizes confidence in his predictions by adding the following words: “Rest assured, our targets remain unchanged, and we are progressing steadily toward achieving them, one step at a time.”
In an analysis from December 14, 2023, EGRAG definitively stated that the target was $0.11640 and then listed targets up to $2.30 for the VET price. The analyst confidently stated that the VET token would reach these targets one by one.
As of the time of writing, VeChain’s VET token is trading at $0.0475 with a trading volume of over $920 million. The volume has seen a massive increase of over 580% in the last 24 hours. With a market capitalization of $3.4 billion, VET firmly holds its position as one of the top 30 cryptocurrencies.
According to Coinglass data, $2.45 million worth of VET positions were liquidated in the last 24 hours. Short position liquidations accounted for $1.69 million of this amount. Additionally, Open Interest (OI) surged by over 67% to reach $71.8 billion.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.