A View from Analyst EGRAG In the dynamic world of cryptocurrency, VeChain (VET) emerges as a significant contender with its eyes set on a notable price surge. Analyst EGRAG, renowned for precise market predictions, recently tweeted a detailed analysis of VET’s potential trajectory, suggesting a feasible target of $1.6.
This ambitious yet achievable goal considers the crypto asset’s previous highs and market behaviors, indicating a promising future for VET investors “EGRAG CRYPTO”.
VET’s previous record high of $0.27, achieved after a significant rally, sets the stage for a potential 6X increase to hit the $1.6 mark. The analysis delves into VeChain’s historical price movements, specifically focusing on what EGRAG terms as ‘Move B.’
This trajectory, previously observed, hints at a possible replication leading to the ambitious $1.6 target or aligning with the Fibonacci 1.618 level. The projection also considers a potential ‘Move A’ scenario, suggesting a rise to around $0.90, a threefold increase from the previous all-time high, paving the way for an estimated 50X to 100X climb from its lowest point.
VeChain’s Historical Price Movements: A Guiding Light
EGRAG’s recent analysis builds upon an April post, spotlighting a specific price pattern dubbed ‘Move B.’ Notably, this move was evident when VeChain surged from a low of $0.00143 in March 2020 to a record high of around $0.27 in April 2021. This pattern follows a similar surge, ‘Move A,’ observed between 2018 and 2019. EGRAG suggests that VET might first emulate ‘Move A,’ potentially elevating the token’s value to the $0.90 region.
This would signify a threefold increase from its previous peak, setting the stage for the next climb towards the $1.6 milestone. The $1.6 target not only aligns with the Fibonacci level of 1.618 but also demands VET to break through multiple resistance levels, including the pivotal points at $0.6074 (Fib. 1.272) and $0.91, before aiming for the final goal.
VeChain’s Current Market Performance and Future Outlook
As of the reporting time, VeChain trades at $0.03668, necessitating a 636% surge to revisit its all-time high of $0.27. The journey to $1.6 is laden with critical resistance levels, with $0.27 acting as the first major threshold, corresponding to Fib. 1. Surpassing this would lead to the subsequent resistance at $0.6074 and eventually the $0.91 mark, which aligns with the anticipated peak of ‘Move A.’
The recent market performance of VeChain underscores a bullish trend, with the asset recording a 72% rise since late November, demonstrating a positive sentiment in the crypto community and reinforcing the potential for its envisioned ascent.
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