In a recent analysis, renowned chartist and analyst Egrag 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.
Renowned chartists (Analyst) Egrag and World of Charts provide a bullish analysis of the VET price trajectory
Egrag emphasizes the critical nature of VET’s price action and identifies the current phase as an accumulation period, presenting a life-changing buying opportunity for investors. Drawing from a previous cycle’s fractal, the analyst confidently states that a price level of $1.6 can easily be achieved once the market conditions align.
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#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
Referencing historical data from the VET weekly chart, Egrag highlights key price movements to support this projection. The analyst points out the drop in VET’s value in August 2018, labelled “Move A.” Following the drop, VET rallied by an impressive 14,638% to a high of $0.2755 in April 2021, labelled “Move B.” However, amid the market downturns of 2022, VeChain experienced a decline of 94.48%, reaching a low of $0.1535 in December 2022, labelled “Move C.”
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Building on these historical patterns, Egrag projects a potential “Move E” that could take VET to $0.70 if it is equal to the range of “Move A.” The analyst notes that this “Move E” represents only 140% of VET’s all-time high value, suggesting significant potential for growth.
#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
Additionally, Egrag presents another trajectory labelled “The Move,” projecting that if VET follows this pattern, it could rally to $1.6. The analyst highlights that this price target represents only a 480% increase from VET’s all-time high, further indicating the project’s potential.
Another prominent crypto analyst, World of Charts, adds to the bullish sentiment by highlighting a falling wedge pattern forming on the VET chart, anticipating a breakout shortly. The analyst predicts a solid recovery following the wedge breakout, with a potential bullish wave ranging from 280% to 300%.
VeChain ecosystem showcases the platform’s growth and adoption
Furthermore, recent developments in the VeChain ecosystem showcase the platform’s growth and adoption. The leading enterprise blockchain, VeChainThor, has surpassed 2 million known addresses, as reported by the VeChain community admin. This milestone comes nearly five years after the network’s launch and demonstrates the increasing interest and utilization of the VeChain platform.
As both Egrag and World of Charts provide bullish analyses and highlight positive developments surrounding VeChain, investors and enthusiasts will closely monitor the price movement and overall trajectory of VET in anticipation of a potential rally to $1.6.