- Bullish crypto analyst EGRAG CRYPTO predicts VeChain (VET) could surge to $1.6 based on a technical pattern and strong fundamentals like new token launches and a focus on enterprise adoption.
- While VET’s price is currently down, EGRAG CRYPTO’s analysis suggests a potential for significant growth in the long term.
VeChain (VET), a blockchain platform designed for supply chain management and enterprise solutions, could be on the cusp of a significant price increase, according to prominent crypto analyst EGRAG CRYPTO.
EGRAG CRYPTO, known for his bullish stance on VeChain, has identified a technical pattern suggesting a potential surge towards $1.6 in the long term. This prediction leverages the “Cloning Technique,” which analysts use to compare historical price movements to identify similar patterns that might foreshadow future trends.
The Cloning Technique Signals Bullish Momentum
In his analysis, EGRAG CRYPTO highlights a previous strong rally in VeChain’s price (marked by blue arrows on a chart) and compares it to the current price movement. This comparison, based on the Cloning Technique, suggests the formation of a “triple bottom” pattern.
A triple bottom pattern typically indicates a price trend where the price dips to a specific low point three times, followed by rebounds that fail to break a particular resistance level. Historically, this pattern has often been a precursor to significant price increases.
The Triple Bottom and Potential Price Trajectory
The chart shared by EGRAG CRYPTO shows a triple bottom formed by VET between December 2018 and 2020. The price successfully overcame these lows and rallied to around $0.0232 by August 2020. While a pullback followed, dragging the price down to $0.008926 in November 2020, VET ultimately recovered and reached its all-time high (ATH) of $0.2782 in April 2021.
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EGRAG CRYPTO suggests that the current consolidation phase following the 2021 bull run might be mirroring the pre-ATH period, where another triple bottom pattern is forming. Based on this analysis, he projects the price to rise to $0.115 initially, followed by a potential dip to $0.035. However, if the pattern holds true, a significant surge towards $1.6 could follow after this projected drop.
Fundamental Strength Bolsters Bullish Outlook
Beyond the technical analysis, VeChain’s recent developments add weight to the bullish sentiment. The launch of two new tokens, B3TR and VOT3, alongside a sustainability platform named VeBetterDAO, showcase the platform’s constant innovation and commitment to expanding its offerings.
VeChain’s core strength lies in its focus on enterprise adoption, with its high-performance blockchain designed specifically for supply chain management solutions. This focus on real-world applications positions VeChain for potential long-term growth.
It’s important to note that EGRAG CRYPTO’s forecast, while optimistic, is not the only bullish prediction for VeChain. Several other analysts share his enthusiasm for the project’s future. However, as of the time of writing, VeChain’s price is experiencing a slight dip, trading at $0.04022 with a market capitalization of $2,923,159,894.
Whether VET reaches the projected highs of $1.6 remains to be seen, but EGRAG CRYPTO’s analysis, combined with VeChain’s ongoing development, suggests the potential for significant growth in the coming months and years.
