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VeChain (VET) could see its price surge to astronomical levels as it prepared to slip into bullish waves amid the imminent end of a corrective Wave 2.
The ongoing fluctuations in the crypto market has also imapcted VeChain (VET), but it remains on a bullish trajectory. The asset stands out with its resilient performance and optimistic future projections. Analyst Egrag recently shared an analysis on X, highlighting a potential bullish wave for VET.
🚀 #VET #BULLRUN in Progress! 🚀
Amidst the ongoing #BTC saga, #VET is holding strong! 💪 I believe we are nearing corrective wave 2️⃣ and gearing up for wave 3️⃣. Get ready for that epic #blowofftop around $1.5-1.8! 💥🔥
📈🌟 #VeChain #VET will unlock ur financial chains. pic.twitter.com/3qmPBv3BYI
— EGRAG CRYPTO (@egragcrypto) July 8, 2024
According to his wave analysis, VET is nearing the end of corrective wave 2 and is poised to enter wave 3, typically the strongest and most explosive phase. This wave is projected to push VET’s price significantly higher, potentially reaching between $1.5 and $1.8.
Egrag’s analysis indicates that VET is completing wave 2 of a 5-wave Elliott Wave sequence. The anticipated wave 3 is expected to propel VET upwards, with projected targets of $1.5 to $1.8.
The chart identifies key support and resistance levels crucial for maintaining this bullish outlook. Notably, VET is holding above a significant support zone at $0.03, marked in white on the chart. This zone is vital for sustaining the bullish structure and advancing towards the targets.
Descending Channel and Trendline Breakout
Elsewhere, another analyst, World of Charts, highlighted a descending channel formation in VET’s daily timeframe. Since February, VET has been trading within this descending channel, characterized by lower highs and lower lows.
$Vet
Formed Descending Channel In Daily Timeframe Breaking Trendline In Lower Timeframe After Breakout ExpectuTest Of Descending Channel Trendline (Area Almost 0.0300)
Incase Of Channel Breakout Can Give 2x Easily In Coming Days#Crypto #Vet #Vechain pic.twitter.com/Bxj5Sl1tRN
— World Of Charts (@WorldOfCharts1) July 9, 2024
Currently, VET is near the lower boundary of the channel, indicating a potential bounce. A recent trendline breakout in the lower time frame suggests that the downtrend might be losing momentum, signaling an imminent reversal. The analyst believes this breakout could lead to a significant price increase, potentially doubling VET’s value to around $0.06, 160% up from current levels.
Promising Movements for VeChain
Interestingly, a previous analysis by Egrag suggested VET’s price would rise to $1.6, driven by the formation of a triple bottom pattern and the application of the Cloning Technique.
Egrag explained how the Cloning Technique, applied to a previous significant rally, signals promising movements for VET. He highlighted this with an accompanying chart showing the potential for substantial price increases.
As of the latest data, VeChain’s price stands at $0.025206, with a 24-hour trading volume of $54,732,925, marking a 3.59% increase in the last 24 hours.