Cryptocurrency analyst EGRAG recently updated his predictions for VeChain (VET), a leading blockchain sector’s crypto unit. Based on historical price movements and technical indicators, his analysis suggests an ambitious target of $1.6 for VET, stirring interest and debate within the crypto community.
EGRAG’s methodology involves a detailed examination of VeChain’s past price trajectories, focusing on significant movements labeled “Movement A” and “Movement B.” These historical patterns are used to forecast future price behaviors. If VeChain follows a path similar to “Movement B,” a rise to $1.6 is not only possible but also probable, aligning with the Fibonacci level of 1.618.
VeChain is currently trading at $0.03668, and to reach the ambitious $1.6 target, the token would need to increase by 636%. With a market value of approximately $2.5 billion, VeChain ranks as the 35th largest cryptocurrency. EGRAG highlights several key resistance levels that VeChain must overcome to maintain this growth, with the first major hurdle being the all-time high of $0.27 currently at the Fib level.
Additional resistance points at $0.6074 (Fib. 1.272) and $0.91 could be critical markers before the potential peak of $1.6. VeChain’s recent market performance over the past six weeks, with a 72% increase since November 20, indicates a strong market sentiment and positions VeChain favorably for the anticipated rise.
Experts believe that daily chart technical indicators signal a positive market sentiment. The Relative Strength Index (RSI) is near 70, indicating overbuying in a neutral market. However, the RSI on the 4-hour chart has dropped below 70, suggesting a potential entry point for investors before an anticipated rise.
The Moving Average Convergence Divergence (MACD) reflects a bullish trend with the MACD line crossing over the signal line. VeChain’s 4-hour chart price trend shows a slight pullback from the recent high of $0.067 on November 24, but it has consistently found support at the 50-day Simple Moving Average (SMA), signaling strong buying interest at this level.