Analyst EGRAG shared his observations regarding the current market state of VeChain (VET), focusing on potential bullish signals and technical levels indicative of possible growth.
Technical Analysis of VeChain
In a recent post, analyst EGRAG noted that the current chart structure of VeChain is too promising to keep it secret. He focused on key technical indicators such as the 21-day moving average.
Key Levels and Signals
According to EGRAG, the first bullish signal will be a full candle close above the 21-day EMA, now sitting at approximately $0.027. A more significant trigger lies in a confirmed close above the upper boundary of a symmetrical triangle at the $0.06 level, coinciding with the 0.5 Fibonacci retracement.
Risks and Future Outlook
The projected price target, if VET breaks out in line with this setup, could reach between $1.80 and $2. It is important to note that the pattern's 75% completion point lines up with February 2026, suggesting that the move might not materialize until then. EGRAG also emphasized that while the technicals are strong, confirmation is key as the risk of a 'dead cat bounce' still exists if key levels fail.
VeChain (VET) remains under close watch by technical traders, and the forecasts from analysts may provide useful insights for market participants.
