VeChain (VET), a blockchain platform aiming to bridge the gap between blockchain technology and real-world supply chains, is undergoing a critical retest, according to crypto analyst EGRAG CRYPTO. This analysis suggests a potential “Galactic Thrust” for VET, hinting at a significant price increase after a successful retest.
Currently priced at $0.03552, VET is poised to revisit the upper part of its macro range, a key price channel it has traded within for an extended period.
EGRAG CRYPTO believes a successful retest could propel VET above this resistance level, signifying a bullish market and potentially leading to substantial price gains.
However, if VET fails to surpass this barrier and falls back within the macro range, it might indicate a continuation of the previous trend.
Potential Price Targets:
- Retest Success: EGRAG CRYPTO predicts a surge to $0.2828, surpassing VET’s all-time high of $0.2782 set in April 2021. This represents a remarkable 620.5% increase.
- Correction and Second Rally: A price correction to $0.1472 is anticipated, followed by a potential climb to $0.60.
Beyond the Initial Surge:
EGRAG CRYPTO envisions even greater heights for VET, suggesting a possible rally to the Fibonacci level of $1.8635, a staggering 4,647.7% increase from the current price
While EGRAG CRYPTO’s analysis paints a bullish picture, investors must acknowledge external factors that could influence VET’s price, such as market volatility, regulatory changes, and other unforeseen events.
A Bullish Signal:
A successful retest of the macro range is generally viewed as a bullish indicator, potentially marking the beginning of a significant price rally. This aligns with the recent statement by a VeChain Insider in early April, suggesting a potential “massive price rally” coming in June.
EGRAG CRYPTO’s analysis presents an intriguing possibility for VET’s future, but it’s crucial to remember that the cryptocurrency market remains inherently unpredictable.
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