VeChain (VET) is poised for significant price movements according to the latest analysis by well-known crypto analyst EGRAG CRYPTO. The analysis presents two potential scenarios for VET: 'Move A' and 'Move B,' which could see the cryptocurrency reach new heights if the conditions are met.
Technical Analysis Overview
EGRAG CRYPTO’s chart analysis highlights the historical and potential future price movements of VET. The chart outlines key support and resistance levels, Fibonacci retracement levels, and possible Elliott Wave counts, providing a comprehensive view of the market dynamics. The chart shows significant upward movements in the past. The former 'Move A' was a 95,212.496% increase, and his historical pattern sets a precedent for the potential future movements that the analysis is projecting. VET is trading at $0.02397, up 1.82% over the past 24 hours. EGRAG CRYPTO’s analysis suggests that if the asset is entering an impulsive Wave 3, it needs to exhibit five distinct sub-waves. This wave structure is crucial for meeting the analyst’s target.
Move A: Targeting $1
Other analysts have weighed in on VET’s future, but EGRAG CRYPTO believes that 'Move A' could send the asset to an astonishing $1. This potential move is contingent on the formation and completion of the impulsive Wave 3 pattern. If the market conditions align with this projection, investors could see a rapid VET value appreciation, reminiscent of the previous cycle’s explosive growth. This would also significantly eclipse the asset’s current all-time high of $0.2782. The Fibonacci Levels are key levels to watch. The analysis indicates critical Fibonacci retracement levels at 0.786 ($0.14946445) and 0.618 ($0.09210430). These levels are significant as they often act as strong support or resistance points in the market. The successful formation of Wave 3, followed by a corrective Wave 4, and then an explosive Wave 5, would be necessary to reach the $1 target.
Move B: Targeting $2
The alternative scenario, 'Move B,' is even more bullish, with a target of $2. This scenario also relies on the completion of the impulsive Wave 3 structure but suggests a more aggressive price movement. The $2 target aligns with higher Fibonacci extension levels, which suggest that the market could sustain a stronger bullish momentum beyond the $1 mark. Similar to 'Move A,' this scenario would require the completion of the impulsive wave pattern, but with a more pronounced move in the subsequent waves. EGRAG CRYPTO expects these movements to occur swiftly, noting that a similar pattern unfolded within just 150 days in the last cycle.
EGRAG CRYPTO’s analysis offers two potential scenarios for the price growth of VeChain (VET): 'Move A' targeting $1 and 'Move B' targeting $2. Both scenarios depend on the completion of the impulsive Wave 3 and require favorable market conditions. Investors will be watching closely to see if the analyst's forecast comes to fruition.
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