VeChain (VET) bulls might have reason to rejoice. Market analyst EGRAG CRYPTO, known for his bullish stance on the project, has forecasted a potential surge towards a staggering $1.6 price point.
The Power of the “Triple Bottom”
EGRAG CRYPTO utilizes the “Cloning Pattern” technique, and in his latest analysis, he applies it to a previous VeChain rally, marked by blue arrows on a chart he shared. This technique, coupled with the formation of a “triple bottom” pattern from December 2018 to 2020, suggests exciting possibilities for VET.
The analyst highlights the “triple bottom” pattern, where VET overcame three price dips before rallying to $0.0232 in August 2020. This was followed by a pullback and a subsequent climb to its all-time high (ATH) of $0.2782 in April 2021.
Echoes of the Past?
Drawing parallels to the pre-ATH period, EGRAG CRYPTO identifies another “triple bottom” pattern. His projection outlines a potential rise to $0.115, followed by a correction to $0.035. If this scenario unfolds, a long-term surge to $1.6 wouldn’t be out of the question after the projected dip.
Beyond Technicals: VET’s Innovation Engine
Technical analysis isn’t the only factor fueling optimism. The launch of two new tokens (B3TR, VOT3) and a sustainability platform (VeBetterDAO) showcase VeChain’s commitment to innovation. This, coupled with its focus on enterprise adoption, positions the project at the forefront of blockchain technology.
A Consistent Bull
EGRAG CRYPTO isn’t alone in his bullish outlook on VeChain. He has consistently championed the project for several months. However, it’s important to note that VET’s price is currently down 2.92% at $0.04022, with a market cap of $2,923,159,894.
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