VeChain (VET) has been a subject of discussion among crypto analysts lately, with predictions of a massive rally that could send its price soaring to $2.3. This article delves deep into the analysis conducted by popular crypto analyst EGRAG, who has outlined his bullish targets for the coming year. In this article, we will scrutinize the potential for VET’s price growth and explore various expert predictions.
Over the course of 2023, VET experienced both ups and downs, reflecting the overall volatility of the crypto market. It saw significant growth in the first two months of the year, with a 101% increase from its opening price of $0.01579 to reach $0.03186 in February. However, the following months witnessed a decline, with VET hitting a low of $0.01477 in 2023.
Despite the price fluctuations, October marked a shift in the market sentiment. The entire crypto industry experienced a bullish sentiment, and VET began its upward trajectory. Since its October bottom, VET has risen by 80%, indicating a positive trend that is predicted to continue in the coming months.
Crypto analyst EGRAG has made some bullish predictions for VET’s price growth in the coming year. He shared a price chart on social media, outlining three sequential targets of $0.11642, $1.05737, and $2.3. These targets represent an impressive 295%, 3490%, and 7,500% increase, respectively, from the current price of $0.02945.
EGRAG analyzed VET’s price movements using the Fibonacci indicator and the 2023 bottom as a starting point. Drawing a mirror of VET’s ascent from the 2020 bottom to its all-time high in 2021, he suggested that history might repeat itself. Based on this analysis, there is a possibility that VET could surpass its current all-time high of $0.28 and reach even greater heights before hitting the second price target.
Ali Martinez, another crypto analyst, has also weighed in on VET’s potential for price growth. Drawing parallels with the consolidation phase of 2018-2020, Martinez predicts a 150% price gain for VET within the next six weeks. He anticipates that VET could break through the resistance barrier at $0.033 and potentially reach $0.077 by January.
VeChain’s native token, VET, is an integral part of the blockchain network that aims to streamline supply chain management using distributed ledger technology. Its potential for significant price growth has attracted the attention of experts and investors alike, sparking interest in its future prospects.
The analysis conducted by EGRAG and other experts point towards a bullish outlook for VeChain (VET). With predictions of a massive 7,500% rally to $2.3, the future looks promising for this crypto asset. However, it is important to note that investing in cryptocurrencies carries inherent risks, and individuals are encouraged to conduct thorough research before making any investment decisions.