Top Analyst Reaffirms VeChain (VET) Projected 4,737% Rally to $2.3 Remains Intact

Prominent crypto analyst EGRAG maintains his sights on the $2.3 target for VeChain (VET) amid the emerging bull market.

Recently, EGRAG released an update reaffirming his belief that VET holds the promise of granting investors financial independence.

The analyst had set his eyes on three target points for VET last December. However, even the target in the closest range failed to materialize two months later. Yet, the analyst is expressing heightened confidence in the asset’s potential.

In his latest update regarding VET’s ability to break holders free from financial constraints, he pinpointed a critical condition necessary to realize his targets.

#VET will unlock ur financial chains(Update):

Closing this week's candle above the Fibonacci 0.382 level will not only solidify our current position but also set the stage for us to swiftly reach our next target at the Fibonacci 0.702 level (0.11c).

Rest assured, our targets… https://t.co/dNILsCf7T2 pic.twitter.com/LKuuUWfRxS

— EGRAG CRYPTO (@egragcrypto) February 16, 2024

The Condition for VET’s Astronomic Rally

EGRAG disclosed that VET must close this week’s candle above the Fibonacci 0.382 level, coinciding with $0.04318.

According to him, this achievement will reinforce his standing position and establish the momentum to approach his pivotal target. This target corresponds to the Fibonacci 0.702 level, coinciding with a VET price of $0.11.

Notably, VeChain trades at $0.04755 at press time, registering a 5% over the past day.

In other words, the asset has already exceeded the critical $0.04318 target. However, whether the asset will sustain this higher price level until the week’s end remains uncertain.

Road to 4,737% Rally to $2.3

In a scenario where VET maintains the higher price, the analyst has set his sights on a more audacious 131% rally to reach $0.11. Interestingly, $0.11 represents just the first target in the series of bullish projections for VET in the growing bull run.

The analyst’s subsequent targets envision VET reaching the $1 range, specifically between $0.68108 and $1.05763. Meanwhile, EGRAG’s third target values range between $1.99 and $2.3 for VET.

Considering the current value of VET, achieving $2.3 would require an explosive growth percentage of 4,737%. To put it into perspective, the asset’s all-time high is $0.2782. 

Essentially, the analyst argues that VET could reach even more formidable price points this season compared to the previous market cycle.

Interestingly, EGRAG is not alone in holding this view. Renowned analyst Ali Martinez has also offered a similar forecast, envisioning VET reaching a new all-time high within ten months.