Seasoned market analyst EGRAG expects VeChain (VET) to either rally 58x from its cycle low to $0.9 or 146x to $2.4 depending on the token’s next direction from here.
The market watcher disclosed his outlook in an analysis on X today. Data from an accompanying chart indicates that VeChain has been moving in a mild uptrend on the 3-day timeframe despite the recent market correction that has triggered a drop to the $0.04 price territory.
VET initially surged 97% from a low of $0.02612 on Jan. 23 to a high of $0.05145 last Friday before witnessing resistance from the bears. This resistance triggered the ongoing correction, but VeChain appears to be hedging against any dips below the $0.04 zone.
Amid this impressive resilience, EGRAG expects VET to embark on an explosive rally in the coming bull run. However, the analyst believes the crypto asset has two possible trajectories to follow. The path VeChain is likely to take would depend on the direction its price takes from the current position.
#VET Either 50X or 140X! 😎🫡💥:
A) If we see a percentage increase similar to "Move A," then 50X could be in play.
B) If we witness a percentage increase similar to "Move B," then 140X could be in play.
Which scenario do you think is more plausible, possible, and probable?… pic.twitter.com/3A85sgidek
— EGRAG CRYPTO (@egragcrypto) February 22, 2024
VeChain (VET) Could Rise 58x or 146x
EGRAG’s chart details historical context, showing that VeChain experienced similar price movements dubbed “Move A” and “Move B” in the past. VeChain followed Move A when it surged to a high of $0.0279 in July 2018. Meanwhile, the asset recorded Move B amid a rally to the ATH of $0.2798 in April 2021.
According to EGRAG, if VET’s current movements mirror Move A, the token would surge to 0.9151, marking a 5,836% or 58x rise from the cycle low of $0.0154. However, if VeChain follows Move B, it could surge higher to a $2.4128 price, representing a 14,628% or 146x increase from the cycle low.
While the analyst is confident that VET will “unlock financial chains,” he remains uncertain of the path the token would take from here. VET currently trades for $0.04453, up 2.60% over the last 24 hours. The asset awaits a broader market resurgence to retest the $0.50 zone.
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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