thecryptobasic.com
Amid recent bullish developments surrounding the VeChain ecosystem, analysts forecast a price rally for VET, with a projected $1.6 price target.
Renowned chartist and analyst, Egrag, has made a compelling case for a significant rally in the price of VeChain (VET), projecting a target of $1.6. Egrag’s analysis is based on technical indicators and historical patterns, suggesting that VET is poised for a bullish breakout.
In a previous tweet, Egrag emphasized the critical nature of VET’s price action and identified the current phase as an accumulation period, presenting a life-changing buying opportunity for investors.
#VET Again $1.6:
Refer to Nov 16th 2022, where I was emphasizing on the criticalness of #VET price action.
Right Now #VET still in accumulation phase ( Long-term) and it will be life changing opportunity.
If the fractal repeats from previous cycle then $1.6 can easily be… https://t.co/hEGMSPMliw pic.twitter.com/wu2cRDrniu
— EGRAG CRYPTO (@egragcrypto) April 7, 2023
The analyst confidently stated that a price level of $1.6 can easily be achieved once the market conditions align, drawing from a previous cycle’s fractal.
Egrag referenced historical data from the VET weekly chart to further support this projection. He called attention to the drop in VET’s value in August 2018, tagging the price difference “Move A.” Following the drop, VET rallied by 14,638% to a high of $0.2755 in April 2021. Egrag labeled this swing “Move B.”
#VET To $1.6 (EASY):
Why #VET can go easy to $1.6.
If 'Move E' is equal to 'Move A' then #VET goes to 0.70c.
'Move E' is only 140% from ATH.
'The Move' Target is $1.6, it needs only 480% from ATH.
If the 'MEGA MOVE' is equal to 'Move B' then the price target is $2.3.… https://t.co/yy2ojK17IO pic.twitter.com/OkyS3TTZFI
— EGRAG CRYPTO (@egragcrypto) April 7, 2023
However, amid the implosions of 2022 and the prevailing bear market, VeChain declined by 94.48%, plummeting to a low of $0.1535 in December 2022. This was labeled “Move C.”
Referencing these historical patterns, Egrag has projected a “Move E” that he believes would take VET to $0.70 if it is equal to the range of “Move A.” He noted that this “Move E” is only 140% of VET’s all-time high value.
In addition, the analyst projected another trajectory he labels “The Move.” According to him, if VET follows the direction of The Move, it would rally to $1.6. Egrag pointed out that this price target is only 480% from VET’s all-time high.
VET to $1 is Programmed
Highlighting VET’s potential, Egrag tweeted recently, comparing it to the remarkable performance of ADA in the previous cycle. Expressing confidence in the project’s trajectory, the analyst stated that $1 is programmed for VeChain.
Another prominent crypto analyst, World of Charts, chimed in with their assessment. World of Charts highlighted a falling wedge pattern forming on the VET chart, anticipating a breakout shortly. Once the wedge clears, a solid recovery is expected, with a potential bullish wave of 280 – 300%.
$Vet
Formed Falling Wedge In 3 Days Timeframe & Building Up For Breakout Once Wedge Got Cleared Recovery Will Be Solid Expecting 280 – 300% Bullish Wave Incase Of Breakout 📈✍️#Crypto #Vet #Vetusdt #VeChain pic.twitter.com/sfaFu02nvR
— World Of Charts (@WorldOfCharts1) June 28, 2023
These projections come on the heels of bullish developments surrounding the VeChain ecosystem. Last month, America’s largest exchange Coinbase added VET to its roadmap, giving the asset more exposure. Hong Kong’s HKVAC also included VeChain in its recently-released crypto index.