Famous crypto analyst EGRAG is on CRYPTO X VeChain He shared a chart summarizing his prediction for the (VET) token price. The chart shows a bullish outlook for VET with a potential price target of $1.8 by October 2024.
Key Points of Analysis
According to the analyst, VET is currently trading within a descending channel, which is typically seen as a bearish indicator. However, he argues that in this case the descending channel is in an uptrend.
He emphasized that the most critical phase for VET will be when the price tries to close above the 0.5 Fibonacci retracement level, which currently coincides with the blue trend line at $0.062. If VET can make a successful close above this level, it will be a significant bullish signal.
Before reaching your goal altcoinPotential pullbacks are expected in the price of . However, he sees these pullbacks as buying opportunities for investors. The chart shows that the cycle top for VET is expected to occur in October 2024 at the intersection of the descending channel and the 1.618 Fibonacci retracement level.
EGRAG CRYPTO’s $1.8 price target is here is coming. It is important to note that it recognizes the possibility of profiting from VET assets before reaching the target price.
#VET Cycle Peak: October 2024, Reaching $1.8#VET has entered the Descending channel 📉 which is #Bullish 📈. However, closing above Fib 0.5 which is coinciding with the Blue Trend line around 0.062c is the most critical stage for #VET.
NEWS CONTINUES BELOWFib 0.5 & Blue Trend Line:
Getting… pic.twitter.com/ep3ZG5knEd— EGRAG CRYPTO (@egragcrypto) March 2, 2024
Can VET Achieve This Goal?
While other analysts have highlighted bullish signals on VeChain’s chart, it is crucial to remember that technical analysis is not always 100% accurate. The effectiveness of technical analysis in cryptocurrency trading is a debated issue. Some investors believe this can be valuable for identifying trading opportunities, while others view it as prediction.
Crypto The market is highly volatile and unpredictable. Therefore, investors should always do research before making investment decisions.
The Future of VeChain
VeChain is a blockchain platform that provides solutions for supply chain management, data attestation and other enterprise applications. The future of the VET token price will depend on several factors, including the adoption of the VeChain platform by businesses and the overall performance of the crypto market.
As we reported as Koinfinans.com, VeChain is making significant progress. Additionally, many analysts are bullish on the token. VET is currently trading at $0.04898, up 9.5% in the past week.
