VeChain (VET) might finally be ready for a breakout as key technical setups suggest this bullish possibility.
VeChain remains one of the cryptocurrencies whose technology and use case do not necessarily match its price.
Despite its enterprise leaning and wide-ranging applications in the industry, VET’s price and market capitalization are up 5.59% to $0.03145 and $2,284,689,403 with trading volume shooting 27% to $50,517,856.
Given this latest rebirth, market analyst EGRAG CRYPTO is optimistic more uptrend lies ahead for VeChain.
VeChain Price Expectations
According to EGRAG CRYPTO, VeChain has successfully broken free from the 850-day saga that was keeping it from soaring beyond its Descending Triangle to make a new try for the All-Time High (ATH) of $0.2782.
#VET 850 Days Saga – Struggling to Break Free (UPDATE):
For better clarity check the post dated back on August 20th 2023 https://t.co/b3MDjpRb40
Current Update:
The saga concludes as the triple bottom formation confirms, propelling #VET into an upward trend. Three potential… pic.twitter.com/w0kEtPq7Tm— EGRAG CRYPTO (@egragcrypto) February 13, 2024
EGRAG CRYPTO spotted the bearish saga last August. However, in his latest update, he declared it over following the formation of a triple bottom structure.
With this, he highlighted there are three distinct price targets to watch out for. The market analyst placed the first defined target around the $0.06 price mark, a level the coin has not seen since mid-April 2022.
EGRAG CRYPTO’s second target stands at the $0.11 level, while the most ambitious target comes in at $1.5. One defining thing about the EGRAG CRYPTO’s forecast is that it comes with no actual timeline.
He noted that since VET recorded a Break of Structure (BoS) on January 24 at the $0.02656 price point, the chances of further growth are visible. He said despite the targets he has defined, he would not sell VET until the coin hits a valuation of at least 3X from its ATH.
VeChain Fundamentals to Watch
VeChain is a high throughput protocol whose focus hinges on powering the global supply chain ecosystem, Internet of Things (IoT), and other areas that require high programmability, low cost, and security.
To expand its solutions, VeChain has inked strategic partnerships with industry behemoths ranging from BCG to Tangem wallet amongst others.
One key partnership that shows proof of VeChain’s versatility was the linkup with Walmart China, with the alliance surpassing over 200 million transactions about 2 weeks ago.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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