A new price prediction has surfaced for VeChain (VET). The crypto analyst Egrag Crypto recently made a price prediction indicating new price peaks. The staggering price prediction made by the analyst points to three price targets he specified.
Three Price Targets for VeChain (VET)
The analyst made a recent statement at X, emphasizing that VET will unlock your financial chains. It would be useful to note that VET’s current price level is at $0.0295. VET reached its all-time high (ATH) of $0.28 in April 2021.
The chart shared by Egrag (below) reveals that the VET price has been moving within a descending parallel channel after reaching the level in 2021. Additionally, the formations that have occurred on the chart have refreshed investor hopes for an upward price trend. According to Egrag’s prediction, the sudden movement formed on the chart could bring VeChain (VET) to its first price target of $0.11642.
The potential movement of VeChain (VET) to the $0.11642 price level could mean an approximate increase of 289.4% from its current trading price. The chart below also suggests that this expectation for the first price target could be realized in 2024.
What’s more interesting is that Egrag’s prediction includes second and third price targets for VET that are above its ATH. Furthermore, it is thought that these price targets could be achieved between the years 2024 and 2025.
The analyst’s second price target appears to be $1.05737, which could mean an approximate increase of 3,436.4% for the altcoin and indicates that it would need to rise about 277.63% from its old ATH. In the even more distant third price target, VET would need to experience an increase of 7,592% relative to its current price, reaching $2.3.
Will VeChain’s Price Rise?
This isn’t the first time Egrag is making a prediction on the VET price. In a past analysis by the analyst, what likely needs to happen before a potential VeChain rally was indicated.
According to the analyst’s prediction, VET’s price needs to close above the $0.035 level before a rise can be confirmed. As of the time of this writing, VET’s overall market cap is around 2 billion dollars, and its 24-hour trading volume is about 50 million dollars. When looking at volume, it draws attention as the 38th largest cryptocurrency.
