Standard crypto analyst EGRAG simply predicted a large 7,500% rally that may ship VET hovering to $2.3. VeChain (VET) is at present buying and selling at $0.02945, however in keeping with this analyst, the crypto is ready for a worth development that will ship it on a worth development into three sequential worth targets.  

EGRAG Predicts VET To Hit $2.3

VET’s worth has had its ups and downs this 12 months, reflecting the final market volatility of crypto property this 12 months. The crypto went on a worth spike very early within the 12 months, happening a 101% development within the first two months from its 2023 open of $0.01579 to achieve $0.03186 in February. The crypto would then go on a worth decline over the following few months to a 2023 low of $0.01477.

Nevertheless, issues began to alter in October as the whole crypto trade become a bullish sentiment. VET is now up 80% from its October backside, and in keeping with EGRAG, the expansion is ready to proceed within the coming months.

In a latest submit on social media platform X, EGRAG wrote “VET will unlock ur monetary chains,” together with three bullish targets for the approaching 12 months. A glance by way of the value chart shared reveals sequential targets of $0.11642, $1.05737, and $2.3. These targets characterize a respective 295%, 3490%, and seven,500% rise from the present worth.

As indicated on the value chart shared by EGRAG, VET has primarily traded in a downward vary, creating decrease highs and decrease lows since its all-time excessive in 2021. The crypto broke out of this vary in October and has fashioned 5 bullish candles on the three-week timeframe. 

VET market cap at present at $2.157 billion. Chart: TradingView.com

Utilizing the Fibonacci indicator and the 2023 backside as a place to begin, the analyst drew a mirror of VET’s ascent from the 2020 backside to its all-time excessive in 2021. Based mostly on this, EGRAG famous VET is poised to doubtlessly rally over the following few months into 2024. If historical past repeats itself, we might doubtlessly see VET break previous its present all-time excessive of $0.28 earlier than the second worth goal.

#VET will unlock ur monetary chains.

Every goal—Goal 1, Goal 2, and Goal 3—might be achieved one after the other. pic.twitter.com/wqteQXzG9w

— EGRAG CRYPTO (@egragcrypto) December 14, 2023

What’s Subsequent For VeChain (VET)?

VET is VeChain’s native token, a blockchain community seeking to streamline provide chain administration with distributed ledger expertise. A number of crypto specialists have weighed in with predictions on how excessive VET’s worth can go within the subsequent bull market.

Based on Ali Martinez, VET is ready for a 150% worth acquire within the subsequent six weeks. The analyst famous that VET is at present mirroring the 2018-2020 consolidation section. If historical past repeats itself, VET might break by way of the $0.033 resistance barrier throughout the subsequent two weeks and finally attain $0.077 in January.

#VeChain, the forgotten Chinese language #Ethereum, seems to reflect the consolidation section we noticed in 2018-2020!

In that case, $VET might break by way of the $0.033 resistance barrier throughout the subsequent two weeks. The upswing might ship #VET to $0.077 by late January. That’s a 150% worth improve! pic.twitter.com/5E2g76H7yG

— Ali (@ali_charts) December 15, 2023

Featured picture from iStock