- A crypto analyst says VeChain (VET) is gearing up for a big bull run.
- He says if bullish trends continue, the VET price will reach $1.6.
- This would mean a 8,424% price spike for the asset from its current state.
VeChain (VET) caught the attention of a prominent technical analyst and investor. They believe a significant rally is in the books for the crypto asset. Based on historical patterns and technical indicators, VET will likely undergo a massive bullish breakout.
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In fact, according to this crypto analyst, VET can potentially surge to the $1.6 zone. This forecast represents a remarkable increase of over 8,424% from its current value and a 475% appreciation from its previous all-time high.
As we can see from the tweet above, Egrag, a well-known chartist renowned for his detailed price analysis, recently highlighted VET’s potential to the crypto community. He suggests that VET could be the next asset to stage a notable rally.
To highlight, the analyst says this is possible especially in light of the overall bullish developments in the market. The recent filings of Bitcoin exchange-traded funds (ETFs) by various asset managers, including BlackRock, have further fueled interest in cryptos.
While acknowledging that VET is currently in an accumulation phase, Egrag emphasizes that investing in the project during this critical stage could prove to be a life-changing opportunity for long-term holders. His first price projection for VET came in April when the cryptocurrency was trading at a strong support price of $0.0135. However, VET’s current price sits at $0.01877.
According to Egrag, a sustained bull run is inevitable for VET, which is currently ranked 39th in the overall crypto market. He noted that if VET follows previous bullish cycles, its ultimate target would be $1.6. This price level was reached in April 2021 when VET achieved an all-time high value of $0.2782.
Repeating the fractal pattern from the previous cycle, as Egrag suggests, would result in a substantial increase for VET. Reaching $1.6 would mark a 475% surge from its previous all-time high. Additionally, it also marks an impressive 8,424% increase from its current value.
As the crypto market continues to evolve, investors and traders will closely monitor VET’s performance to see if it can indeed fulfill the projected rally and potentially deliver significant returns for those who hold the asset.
Disclaimer: The message of making a profit in this article simply reflects the view of one trader and does not guarantee a profit. Traders are advised to always do their own research before committing to making any financial trades. This article reflects the interpretation of the writer based on the source material of the story and does not reflect the views of CryptoNewsLand.
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