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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.