Cryptocurrency analyst EGRAG recently updated his predictions for one of the leading cryptocurrencies in the blockchain sector, VeChain (VET). EGRAG’s analysis, based on historical price movements and technical indicators, forecasts an ambitious target of $1.6 for VET, sparking interest and debate within the crypto community.
VeChain Price Prediction
EGRAG’s methodology includes a detailed examination of VeChain’s past price trajectories, focusing particularly on significant movements labeled “Movement A” and “Movement B”. These historical models are used as a basis to predict future price behaviors. According to this analysis, if VeChain follows a path similar to “Movement B”, an increase to $1.6 is not only possible but also likely. This prediction could be in line with the Fibonacci level of 1.618.
According to the latest data, VeChain is trading at $0.03668. To reach the ambitious target of $1.6, the token would need to experience a 636% increase. The token’s current market value is approximately $2.5 billion, ranking it as the 35th largest cryptocurrency by market value. EGRAG pointed out several key resistance levels that VeChain needs to overcome to sustain this growth. The first major hurdle is the all-time high of $0.27, currently found at the Fib level.
Additionally, 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 gives an idea of its potential. Over the past six weeks, VeChain has consistently recorded positive weekly closings with an impressive 72% increase since November 20. This steady growth could indicate strong market sentiment and position VeChain favorably for the expected rise.
Technical Indicators for VeChain
Experts suggest that technical indicators on the daily chart point to a positive market sentiment. The Relative Strength Index (RSI) is close to 70, indicating overbuying in a neutral market. However, on the 4-hour chart, the RSI has dropped below 70, which could signal an opportunity for investors to enter positions at a lower price before potential gains.
The Moving Average Convergence Divergence (MACD) also reflects an upward trend with the MACD line crossing above the signal line. Vechain’s price trend on the 4-hour chart shows a slight decline after the last high of $0.067 on November 24. However, VeChain has consistently found support at the 50-day Simple Moving Average (SMA), indicating strong buying interest at this level.
