VeChain (VET) is back in the spotlight, with top analyst EGRAG CRYPTO predicting a potential surge based on a technical pattern. Despite his controversial reputation, EGRAG’s past calls on VET have garnered attention, making his current prediction intriguing.
The Cloning Pattern and Triple Bottom
EGRAG utilizes the “Cloning Pattern” to analyze VET’s potential, referencing a similar pattern that preceded a past VeChain rally (marked by blue arrows in his chart). This approach suggests exciting possibilities for the coin’s future price movement.
EGRAG also highlights the presence of a “Triple Bottom Pattern” on VET’s chart, spanning from December 2018 to 2020. This pattern signifies three distinct price drops followed by recoveries. After overcoming these dips, VET climbed to $0.0232 by August 2020. Although the price dipped again to $0.008926 by November 2020, it eventually surged to its all-time high (ATH) of $0.2782 in April 2021.
The Bullish Case: $1.6 or Bust?
EGRAG’s prediction outlines a potential price trajectory for VET. He suggests an initial climb to $0.115, followed by a dip to $0.035. However, the long-term outlook remains optimistic, with a potential surge towards a staggering $1.6 after the projected dip.
The Fundamentals Beyond Technicals
Supporting this bullish outlook are fundamental developments surrounding VeChain. The launch of VeBetterDAO, a sustainability platform with new tokens (B3TR & VOT3), strengthens the ecosystem. Additionally, VeChain’s focus on enterprise adoption through its high-performance blockchain positions it well for future growth.
Also Read: B3TR Planet: VeChain Unveils Three-Phased Plan for Sustainable Future with VeBetterDAO
While EGRAG’s past predictions regarding VET have been accurate, it’s crucial to remember that the cryptocurrency market is inherently volatile. This article, and any predictions within, should not be considered financial advice. Always conduct thorough research before making investment decisions.
VeChain’s (VET) Market OutLook
At the time of writing, The global cryptocurrency market is experiencing a positive swing, with a total market cap of $3.10 billion as of April 8, 2024. Contributing to this upward trend, VeChain (VET) is currently trading at $0.04263099, reflecting a 3.59% increase in the last 24 hours. With a circulating supply of 72.71 billion VET coins and a maximum supply of 86.71 billion, VET ranks 48th by market cap. The past day for VET saw a price range of $0.04101065 to $0.04318604, indicating some volatility but overall positive momentum.
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