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VeChain (VET) has experienced a 2.5% drop in the past 24 hours, positioning the token at a critical technical level. This decline marks a pivotal moment as VET reaches the lower boundary of a price rally channel—a spot where past movements have often triggered explosive upward momentum.
Expert Calls It The “Turbo Trigger” Phase
Crypto analyst Egrag Crypto believes VET’s current pattern mirrors historical setups that have previously led to massive surges in value. Dubbed the “Turbo Trigger”, this phase signals the possibility of significant gains ahead, with VET potentially preparing for another breakout rally. Egrag emphasizes that this moment could be a key opportunity for long-term holders, given VET’s tendency to rebound sharply after touching similar technical levels.
Egrag points to previous cycles where VET has surged after reaching the bottom of its price channels. Notably, in 2020, the token skyrocketed by 6,538%, adding $0.19888 to its price at the peak of that rally.
Applying this historical trend to the June 2023 low, the analyst has identified a potential target of $1 using Fibonacci retracement levels. If VET were to achieve this target from its current value of $0.0226, it would represent an astounding 4,324% increase.
Risk vs. Reward – Should Investors Sell Early?
Some in the crypto community suggest selling at intermediate levels—such as $0.50—and re-entering after a retracement to maximize profits. However, Egrag warns that such a strategy carries the risk of missing out on further gains if the rally continues without a pause.
Instead, he advises investors to hold a majority of their VET position while engaging in smaller trades to hedge against market volatility.
Previous Predictions Signal Impending Breakout
This isn’t the first time Egrag has projected a bullish outlook for VeChain. On September 21, the analyst indicated that VET was on the brink of an impulsive wave based on Elliott Wave Theory—a framework that tracks market cycles in five distinct waves. According to the theory, VET was nearing the third wave, typically followed by a final surge during the fifth wave.
At that time, Egrag projected potential price levels between $0.91 and $2.26. While those targets haven’t yet materialized, the token’s 3.76% weekly increase suggests building momentum that could soon align with these predictions.
Also Read: VeChain (VET) Price Prediction – Targeting $0.10 By 2024 As Current Price Stands At $0.0234!
VeChain’s current positioning near a key technical level could set the stage for a major price movement. With a historical precedent of sharp rebounds from similar levels, the “Turbo Trigger” phase identified by Egrag Crypto offers hope for bullish investors. However, with risks tied to both early selling and market volatility, a balanced strategy may be crucial in navigating the coming weeks.
VET’s price action over the next few days will be closely monitored, as traders look to see whether this decline will ignite a breakout or signal further consolidation. Will the stars align for another VeChain rally? Investors are waiting eagerly.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Crypto and blockchain enthusiast.
