Popular crypto analyst EGRAG has made a bold prediction, stating that VeChain (VET) could experience a tremendous rally of 7,500%, propelling its price to reach $2.3. Currently trading at $0.02945, VET has shown volatility throughout the year, but according to EGRAG, the future looks promising with three sequential price targets in sight.
In the early months of 2023, VET witnessed significant price growth. Starting the year at $0.01579, the cryptocurrency surged by 101% in the first two months, reaching $0.03186 in February. However, it experienced a decline in the following months and hit a low of $0.01477. Fortunately, October marked a turning point for VET as the entire crypto industry began to shift towards a bullish sentiment. It has since increased by 80% from its October bottom, and EGRAG believes this upward trend will continue.
EGRAG recently shared a post on social media platform X, expressing confidence in VET’s potential. The analyst set three bullish targets for the coming year: $0.11642, $1.05737, and $2.3. These targets represent respective rises of 295%, 3490%, and a staggering 7,500% from the current price. The accompanying price chart highlights VET’s downward trend since its 2021 all-time high. However, the crypto broke out of this range in October and has continued to form five bullish candles on the three-week timeframe.
VET currently boasts a market cap of $2.157 billion, offering an insight into its popularity and potential value. EGRAG utilized the Fibonacci indicator and the 2023 bottom as a starting point to draw a parallel with VET’s previous ascent from the 2020 bottom to its all-time high in 2021. Based on this analysis, EGRAG believes that VET has the potential to rally further and potentially surpass its current all-time high of $0.28 before reaching the second price target.
Various crypto experts have also shared their predictions on VET’s future price movement. Ali Martinez predicts a 150% gain for VET within the next six weeks, drawing comparisons to the consolidation phase seen between 2018 and 2020. Martinez suggests that if history repeats itself, VET could surpass the $0.033 resistance barrier in the next two weeks and potentially reach $0.077 by January.
As the crypto market experiences both highs and lows, VeChain (VET) stands out with its potential for massive growth. EGRAG’s prediction of a 7,500% rally to $2.3 has garnered attention from investors and enthusiasts alike. Considering the recent bullish sentiment, the Fibonacci analysis of VET’s historical performance, and the opinions of industry experts, it seems that VET is poised for significant price appreciation in the coming months. However, as with any investment, it is essential for individuals to conduct thorough research and evaluate their risk tolerance before making any financial decisions.
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