While VeChain (VET) traded in the red in the past few hours, canceling last week’s gains, a renowned market watcher believes the asset remains on track to $1.8.
VeChain bulls appear to be running out of steam as VET battles bearish volatility over the past 24 hours, causing it to sink below the $0.5 threshold. VET has crashed 6% to a low of $0.04784, but its seven-day bullish trajectory still holds up with a positive gain.
While VeChain’s performance slightly lags behind the broader bullish trend in the market, prominent EGRAG remains confident about its performance. EGRAG firmly believes that VET would set investors free from financial shackles.
First Short-term Target for VET
In his latest assessment, the analyst charted a path for VET to breach the $1 threshold and beyond. While VeChain hovers around $0.04937 at press time, EGRAG asserted that the next short-term target for the asset is $0.11, which requires a 122.8% increase.
#VET To Fib 0.702, then Minimum 1.236 – 1.618: 📈
The next Target is 0.11c 🎯 and from there we might pull back to the edge of the White Channel 🎯 and then continue the upward movement. 🚀#VET will unlock ur financial chains. pic.twitter.com/3TJ1oRtH23
— EGRAG CRYPTO (@egragcrypto) March 5, 2024
Meanwhile, EGRAG emphasized that upon reaching the $0.11 milestone, there may be a pullback where the asset falls below this threshold. Nonetheless, he believes such a pattern paves the way for even more astronomical gains.
Path Set to $1.8
Specifically, the analyst has set $0.5 as his next target after after the correction from $0.11. This price level would be unprecedented, considering VeChain’s all-time high currently stands at $0.2782, attained three years ago.
Furthermore, according to EGRAG’s chart, there might not be a substantial correction for VET following its attainment of $0.5. The analyst envisions a smoother path toward the $1 milestone from that juncture.
He proposes minimum target points between $1.236 and $1.618. However, his most ambitious target for VeChain in this bull market is $1.8. This point represents a staggering 3,545% rally from VET’s current price.
Notably, the analyst’s chart indicates that these targets beyond $1 are achievable around 2025, which is expected to be the peak point of this bull season.
Besides, prominent analysts like Ali Martinez have set a similar target for VET this season. In particular, Martinez has forecasted that VET could reach $0.7 by November. However, he noted the possibility of price corrections by June before the rally to $0.7.