VeChain (VET) Could Hit $1.6, Here’s How

Vignesh Karunanidhi
VeChain Made Golden Cross Last Seen in 2022: Can VET Hit $0.1?
Source: Binance Academy

After languishing for over 850 days, VET, the token of enterprise blockchain VeChain, finally appears primed for a major breakout, according to analyst EGRAG Crypto.

In a recent tweet, EGRAG Crypto pointed to a VET “triple bottom” formation he first identified back in August 2023. This technical pattern signals a bullish trend reversal after an extended price decline.

Also read: Ethereum Breaks Crucial Resistance; Will ETH Hit $3,000?

850 Days of Rangebound Trading

VET has struggled to gain upside momentum since its previous all-time high of $0.278 in April 2021, trading between $0.02 and $0.09 for over two years. However, EGRAG now sees signs of life for the long-dormant altcoin.

Beyond the triple bottom pattern, VET price action has turned decidedly more bullish recently. VET has surged 25% over the past week, significantly outperforming Bitcoin. The token now trades around $0.0345, with a 10% surge in the last 24 hours.

Source: CoinGecko

When will VET hit $1.6?

With VET appearing to “break free” at last, EGRAG Crypto has set three upside targets for the token’s next leg. The first is at $0.05, then $0.702. EGRAG’s final target sits at $1.60.

EGRAG himself plans to hold VET until it reaches that 3x threshold at minimum. For traders pondering taking profits sooner, hitting these incremental targets along the way could make sense.

Also read: Bitcoin (BTC) Could Drop To $30,000 Despite Recent Surge, Here’s Why

Of course, technical patterns only capture market psychology, not fundamentals. For such a dramatic VET price surge to materialize, VeChain would likely need major ecosystem developments and real-world adoption wins.

Nonetheless, from a charting perspective, EGRAG sees the stars aligning for VET after an extended sideways slog. If follow-through continues, VET could quickly become one of 2024’s biggest crypto breakout stories.