VeChain Price Prediction: VET On The Move As Analyst Foresees Surge To $1.6

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VeChain (VET) Price

Cryptocurrency analyst EGRAG recently updated their forecast for VeChain (VET), a leading digital asset in the blockchain sector. EGRAG’s analysis, rooted in historical price movements and technical indicators, projects an ambitious target of $1.6 for VET, stirring interest and debate in the crypto community.

EGRAG’s methodology involves a detailed examination of VeChain’s past price trajectories, particularly focusing on significant movements labeled as “Move A” and “Move B.” These historical patterns are used as a foundation for predicting future price behavior. According to this analysis, if VeChain follows a similar path to “Move B,” a surge up to $1.6 is not only possible but likely. This prediction aligns with the Fibonacci level of 1.618.

VeChain Price Prediction: VET Faces Minor Pullback Amid Rally 

As of the latest market data, VeChain trades at $0.03668. To reach the ambitious $1.6 target, the asset would need to experience a 636% increase. The current market capitalization for the token is approximately $2.5 Billion, ranking it as the 35th largest cryptocurrency by the market value.

EGRAG notes several key resistance levels that VeChain must surpass to sustain this growth. The first major hurdle is the previous all-time high of $0.27, currently at the Fib. 1 level. Beyond this, resistance points at $0.6074 (Fib. 1.272) and $0.91 are critical markers before the potential peak of $1.6.

VeChain’s recent market performance offers a glimpse of its potential. Over the past six weeks, VeChain has consistently recorded positive weekly closes, with an impressive 72% increase since November 20. This steady growth suggests a robust market sentiment and positions VeChain favorably for the anticipated rally.

The technical indicators on the daily chart show a positive market sentiment. The Relative Strength Index (RSI) is near 70, indicating an overbought to neutral market. However, on the 4-hour chart, the RSI has fallen below 70, indicating an opportunity for traders to enter positions at a lower price before the potential rally.

VET/USD 4-hour price chart, Source:TradingView

VET/USD 4-hour price chart, Source: TradingView

The Moving Average Convergence Divergence (MACD) also reflects a bullish trend, with the MACD line crossing above the signal line. Vechain’s price trend on the 4-hour chart has been bearish, following a minor pullback from its recent high of $0.067 on November 24. However, VeChain has consistently found support at the 50-day Simple Moving Average (SMA), indicating a strong buying interest around this level.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

VET

VeChain

$0.01737381 -4.44%

24 Hours volume

$35.11M

Market Cap

$1.49B

Max Supply

86.71B

Buy $VET with BitGet
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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.