HomeNewsVeChain's Remarkable Rally: Analyst EGRAG Eyes $1.6 Price Target

VeChain’s Remarkable Rally: Analyst EGRAG Eyes $1.6 Price Target

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  • EGRAG’s analysis predicts VeChain (VET) could achieve a $1.6 price target, aligning with Fibonacci level 1.618.
  • VeChain needs a 6X surge from its previous all-time high of $0.27 to reach this target, with critical resistance levels to be crossed.

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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John Kiguru
John Kiguru
John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@ethnews.com Phone: +49 160 92211628