Bitcoin and altcoin analysts frequently share their predictions, which can be particularly enticing for investors during exciting times. Today, analyst EGRAG CRYPTO shared a chart for an altcoin. According to the analyst, who used the wave counting formation in his chart, VET could be on the verge of an impressive rise.
What Levels Does the Analyst Expect for VET?
Before delving into the analyst’s assessment of VET, let’s note that the cryptocurrency VET’s price has increased by 10% today, reaching $0.03452. The historical progression of the cryptocurrency VET’s price is also clearly visible in the image below.
While evaluating the altcoin VET, analyst EGRAG CRYPTO first mentions that the price is expected to reach $0.1. According to the analyst’s approach, VET’s price will need to triple to reach this level.
The analyst then points to a number two, indicating a pullback will occur. After this correction, the altcoin VeChain (VET) is expected to revisit the $0.038 level. The third wave marked by the analyst points to a striking high level for altcoin VET, suggesting the price could reach $0.8.
What Do the Next Stages Say for VET?
According to the analyst, there will be another pullback in the fourth wave. This rapid retracement will bring the altcoin VET price down to $0.27. After this wave, the fifth wave is expected to see the price head towards $1.6. It’s worth noting that the analyst’s target represents an approximate 52x increase.
So, how realistic could such a target be? Firstly, I do not claim that these numbers are unachievable. Speaking of the token’s metrics, the current circulating supply of VET in the market is 72,714,516,834 VET. We can clearly see that the number of tokens is quite high. Additionally, VET’s all-time high is $0.27.
A target of $1.6 would bring the token’s market value to approximately $120 billion. Of course, since money won’t flow into just one token in the cryptocurrency market, such a scenario would require the crypto market to reach tens of trillions of dollars in value. Therefore, while the stated target is not impossible, it is important to note that it is very challenging.
