In a recent prediction by prominent crypto analyst EGRAG, VeChain (VET) is forecasted to experience a substantial surge, with an anticipated 7,500% rally that could propel its value to $2.3. Currently trading at $0.02945, the analyst highlights that VeChain is on the brink of significant price growth, targeting three consecutive price objectives.
VeChain’s price has exhibited volatility throughout the year, reflecting the general market trends in the crypto space. Early in the year, VET underwent a notable price spike, registering a 101% increase in the first two months, reaching $0.03186 in February from its 2023 opening at $0.01579. Subsequently, the cryptocurrency faced a decline, reaching a low of $0.01477 later in the year.
A shift occurred in October when the overall crypto industry transitioned to a bullish sentiment. Since hitting its October low, VET has seen an 80% increase, with EGRAG predicting continued growth in the coming months.
Vechain Bullish Sentiment by EGRAG’s Prediction
EGRAG shared insights on social media platform X, stating, “VET will unlock ur financial chains,” alongside three bullish targets for the upcoming year: $0.11642, $1.05737, and $2.3. These targets represent a potential rise of 295%, 3490%, and 7,500% from the current price.
Analyzing VeChain’s historical price movements, EGRAG noted that the cryptocurrency had been trading in a downward range, forming lower highs and lower lows since its all-time high in 2021. However, VET broke out of this range in October and has since formed five bullish candles over three weeks.
Utilizing the Fibonacci indicator and the 2023 bottom as a reference point, EGRAG drew parallels to VET’s ascent from the 2020 bottom to its all-time high in 2021. The analyst suggested that VeChain is poised for a rally over the next few months into 2024, potentially surpassing its all-time high of $0.28.
VeChain’s native token, VET, is associated with a blockchain network focused on streamlining supply chain management through distributed ledger technology. Various crypto experts, including Ali Martinez, have predicted VET’s potential price surge in the next bull market. Martinez anticipates a 150% price gain for VET in the next six weeks, speculating a breakthrough of the $0.033 resistance barrier and a potential rise to $0.077 in January, drawing parallels to the 2018-2020 consolidation phase.