Expert Maps Out Three-Step Path for VeChain to Rally 3,316% to $1.6

Prominent crypto analyst EGRAG has identified VeChain’s trajectory toward reaching a $1.6 valuation, envisioning a three-step process.

VET’s price has been hovering around $0.047 for the past few weeks, with no notable swings. This comes after a remarkable 75% surge to $0.05476 within the last 30 days.

While the asset appears to have run out of steam, crypto analyst EGRAG voiced conviction that more is yet to come for VeChain.

In a recent update on X, EGRAG highlighted three key channels concerning VET price and spotlighted the asset’s potential reactions upon catching these thresholds.

The analyst marked the VET trading zones with bullish colors yellow, blue, and green. 

#VET YBG – Yellow-Blue-Green: 🟡🔵🟢

A) Yellow Channel: The #BULLS are fighting to close above the Yellow Channel. If they succeed, #VET will likely propel to the Blue Channel.

B) Blue Channel: Closing within the Blue Channel and maintaining it is #Bullish, while getting… pic.twitter.com/xuROvW543x

— EGRAG CRYPTO (@egragcrypto) March 14, 2024

VeChain First Rallying 391% to $0.23

Specifically, EGRAG noted that VET, priced at $0.04683, resides in a yellow zone where VeChain bulls are combating bears to secure a close above the channel. 

According to the accompanying chart, achieving a close above this identified zone implies VET trading at approximately $0.09. 

Furthermore, the analyst argued that if the VeChain bulls execute this move, VET will likely surge into the blue channel, reaching prices around $0.23. Notably,  a $0.23 market value from VeChain’s prevailing market value of $0.04683 requires a significant 391% rally.

Meanwhile, the analyst acknowledged that VET’s entry into such lofty territory may be met with rejection and a subsequent retest of the $0.09 zone. Nevertheless, EGRAG deemed this potential outcome extremely bullish.

Accordingly, he envisions a successful comeback bullish rally that would catapult VET into the $1 territory.  

VET Path to $1.6

Furthermore, the analyst emphasized that VET’s entry and subsequent close inside or above the channel marked green, with prices ranging from $1 to $1.6, are profit-taking targets VeChain enthusiasts can look out for. He expects these targets to materialize in this bull season.

Interestingly, for VET to reach a value of $1.6, the asset must rally by 3,316% from its market value of around $0.046. This price level will make a new peak for the asset, considering its all-time high was $0.2782.