EGRAG, one of the prominent analysts of the crypto market, VeChain He announced that he is confident in the strength of the bull market on the way to reaching his target of $ 2.3 for (VET).
EGRAG recently sparked controversy by sharing an update that reiterated its belief in VET’s potential to offer financial freedom to investors. The analyst, who set three targets for VET in December, stated that although the first target was not achieved even after two months, he further increased his belief in the future of the asset.
As Koinfinans.com reported, EGRAG focused on VeChain’s ability to overcome financial limitations and mentioned an important condition for the asset to achieve its goals.
This is the Condition for the Big Rise of VeChain Price
According to EGRAG, VET should close this week above the Fibonacci 0.382 level at $0.04318.
It is believed that this success will provide the necessary momentum to achieve an important goal and strengthen its position. The target in question corresponds to the Fibonacci level of 0.702, which VeChain priceIt means reaching $0.11.
Currently, VeChain is trading at $0.04755 and is up 5% in the last day. This shows that the asset has already surpassed the critical target of $0.04318. However, it is not yet clear whether this high price level can be maintained until the end of the week.
4.737% Rally to $2.3 Target Possible!
If VeChain maintains its high price and momentum, the analyst predicts a larger rise of 131% to reach $0.11. Interestingly, $0.11 is just the first of a series of bullish targets predicted for VET.
The next targets set by EGRAG expect VET to reach the $1 region, specifically between $0.68108 and $1.05763. The third and final target is between $1.99 and $2.3 for VET.
Considering the current value of VeChain, it is calculated that a 4,737% increase is required to reach $ 2.3. This is growth that will greatly exceed the asset’s all-time high of $0.2782.
The analyst believes that compared to previous market cycles, VET may reach more challenging price points this time. EGRAG is not alone with this view; Well-known analyst Ali Martinez made a similar prediction, predicting that VeChain will reach record levels within ten months.
Source : The Crypto Basic