- Analysts foresee significant gains for VET amid resistance testing.
- Ergag Crypto makes a VET prediction of $1.8 in 2024 cycle.
- Diverse reactions reflect uncertainty and optimism for VeChain’s future.
As VeChain (VET) encounters resistance in its upward trajectory, market analysts offer contrasting yet optimistic predictions about the token’s next move. Despite differing views, both analysts highlight the testing of resistance as a crucial indicator, hinting at an imminent substantial surge for VeChain.
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Prominent crypto chart analyst, Ergag Crypto, leads the predictions with a forecast suggesting a significant peak in the VeChain cycle by October 2024, reaching $1.8.
According to Ergag, VET’s entry into a descending channel is viewed as bullish, but the pivotal stage lies in surpassing Fib 0.5, coinciding with the Blue Trend Line around 0.062c. Rejection from this level may result in a descent drop, but any pullbacks are seen as favorable opportunities for buying or trading.
Ergag Crypto emphasizes the importance of the Cycle Top, projecting it to intersect at the end of the descending channel and Fib 1.618 in October 2024. While contemplating this as the potential cycle top date and price, he expresses a cautious approach, planning to take profits along the way, asserting that VET will unlock financial potential.
The positive sentiment is echoed by another analyst who affirms Ergag Crypto’s prediction. Responses within the community are mixed, with some expressing concerns about recent ecosystem changes scaring off long-term holders.
However, a considerable number believe in the certainty of new highs for VET, especially given the current buzz surrounding the VeChain project. As the VeChain community awaits further developments, the diverse responses showcase the dynamic perspectives on the token’s future, adding to the anticipation of VeChain’s next moves in the crypto market.
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