Analyst Predicts 7500% Rally To $2.3

Popular crypto analyst EGRAG just predicted a massive 7,500% rally that will send VET soaring to $2.3. VeChain (VET) is currently trading at $0.02945, but according to this analyst, the crypto is set for a price growth that would send it on a price growth into three sequential price targets.  

EGRAG Predicts VET To Hit $2.3

VET’s price has had its ups and downs this year, reflecting the general market volatility of crypto assets this year. The crypto went on a price spike very early in the year, going on a 101% growth in the first two months from its 2023 open of $0.01579 to reach $0.03186 in February. The crypto would then go on a price decline over the next few months to a 2023 low of $0.01477.

However, things started to change in October as the entire crypto industry changed into a bullish sentiment. VET is now up 80% from its October bottom, and according to EGRAG, the growth is set to continue in the coming months.

In a recent post on social media platform X, EGRAG wrote “VET will unlock ur financial chains,” along with three bullish targets for the coming year. A look through the price chart shared shows sequential targets of $0.11642, $1.05737, and $2.3. These targets represent a respective 295%, 3490%, and 7,500% rise from the current price.

As indicated on the price chart shared by EGRAG, VET has primarily traded in a downward range, creating lower highs and lower lows since its all-time high in 2021. The crypto broke out of this range in October and has formed five bullish candles on the three-week timeframe. 

VET market cap currently at $2.157 billion. Chart:

Using the Fibonacci indicator and the 2023 bottom as a starting point, the analyst drew a mirror of VET’s ascent from the 2020 bottom to its all-time high in 2021. Based on this, EGRAG noted VET is poised to potentially rally over the next few months into 2024. If history repeats itself, we could potentially see VET break past its current all-time high of $0.28 before the second price target.

What’s Next For VeChain (VET)?

VET is VeChain’s native token, a blockchain network looking to streamline supply chain management with distributed ledger technology. Several crypto experts have weighed in with predictions on how high VET’s price can go in the next bull market.

According to Ali Martinez, VET is set for a 150% price gain in the next six weeks. The analyst noted that VET is currently mirroring the 2018-2020 consolidation phase. If history repeats itself, VET could break through the $0.033 resistance barrier within the next two weeks and ultimately reach $0.077 in January.

Featured image from iStock

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