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Prominent crypto analyst EGRAG has identified VeChain’s trajectory toward reaching a $1.6 valuation, envisioning a three-step process.
$VET’s price has been hovering around $0.047 for the past few weeks, with no notable swings. This comes after a remarkable 75% surge to $0.05476 within the last 30 days.
While the asset appears to have run out of steam, crypto analyst EGRAG voiced conviction that more is yet to come for VeChain.
In a recent update on X, EGRAG highlighted three key channels concerning $VET price and spotlighted the asset’s potential reactions upon catching these thresholds.
The analyst marked the $VET trading zones with bullish colors yellow, blue, and green.
#$VET YBG – Yellow-Blue-Green: 🟡🔵🟢
A) Yellow Channel: The #BULLS are fighting to close above the Yellow Channel. If they succeed, #$VET will likely propel to the Blue Channel.
B) Blue Channel: Closing within the Blue Channel and maintaining it is #Bullish, while getting… pic.twitter.com/xuROvW543x
— EGRAG CRYPTO (@egragcrypto) March 14, 2024
VeChain First Rallying 391% to $0.23
Specifically, EGRAG noted that $VET, priced at $0.04683, resides in a yellow zone where VeChain bulls are combating bears to secure a close above the channel.
According to the accompanying chart, achieving a close above this identified zone implies $VET trading at approximately $0.09.
Furthermore, the analyst argued that if the VeChain bulls execute this move, $VET will likely surge into the blue channel, reaching prices around $0.23. Notably, a $0.23 market value from VeChain’s prevailing market value of $0.04683 requires a significant 391% rally.
Meanwhile, the analyst acknowledged that $VET’s entry into such lofty territory may be met with rejection and a subsequent retest of the $0.09 zone. Nevertheless, EGRAG deemed this potential outcome extremely bullish.
Accordingly, he envisions a successful comeback bullish rally that would catapult $VET into the $1 territory.
$VET Path to $1.6
Furthermore, the analyst emphasized that $VET’s entry and subsequent close inside or above the channel marked green, with prices ranging from $1 to $1.6, are profit-taking targets VeChain enthusiasts can look out for. He expects these targets to materialize in this bull season.
Interestingly, for $VET to reach a value of $1.6, the asset must rally by 3,316% from its market value of around $0.046. This price level will make a new peak for the asset, considering its all-time high was $0.2782.