- VeChain (VET) takes off with a 42% surge in the last seven days as it follows the footsteps of Bitcoin which is set to approach the $90k level.
- An Analyst has predicted that VET could replicate the previous cycle to hit $2.5 by taking the initial step to breach its all-time high price.
Vechain (VET) joins the broad market rally with a 42% surge on the weekly chart. According to our market data, the asset has broken a critical resistance level to hit $0.029. In just 24 hours, VET has surged by 14%. This extends its yearly run to 26%. Meanwhile, VET is around 90% down from its all-time high price of $0.28 recorded in April 2021.
Fascinatingly, this current run appears in line with a prediction highlighted by EGRAG CRYPTO. According to a CNF report on this, VET is targeting a range from Fib 1.236, 1.414, and 1.618, which point to $1.
Delving into EGRAG’s Thesis
Explaining his methodology, EGRAG disclosed that he calculated the measured move from the 2021 cycle and applied the outcome to the low recorded in June 2023.
Channel 1’s low-end is officially tagged, and now I’m fully confident that VET is about to hit the Turbo Trigger, just like in the previous cycle! For a more conservative approach, I’ve calculated the measured move from the last cycle (excluding those monthly wicks) and applied it to the June 2023 low. Factoring in the wick, just to be extra cautious.
Meanwhile, EGRAG predicted in April that VET could go as high as $2.5. At that time, he also remarked that the target aligns with the key Fib levels 1.236, 1.414, & 1.618. Similarly, this analyst predicted in February that VET would record a 140x price increase if it imitates the 2021 price action. In the previous bull cycle, the asset surged by 14,638%.
Alan Santana’s Analysis of VET
In another CNF post, crypto analyst Alan Santana pointed out that the VET/BTC has already reached its lowest in five years. According to him, a similar position marked the end of the bearish phase in 2019 and the beginning of the bullish cycle.
#Altcoins Vechain Opportunity: Lowest Price In 5 Years —Accumulation Phase. Good afternoon my fellow Cryptocurrency trader, I hope you are having a wonderful day. Something amazing is happening here with Vechain, VETBTC. Right now this pair is trading at the lowest price… pic.twitter.com/agY5naAt0O— Alan Santana (@lamatrades1111) October 10, 2024
In the previous cycle, VET formed a series of waves with each wave appearing stronger than the previous one. Per his observation, a similar trend would repeat this cycle.
We will have the biggest bull market in years… It will be the most amazing bull market the Cryptocurrency market has ever seen. It will be something for the record books because the market has never been this big before. The market has never been this big and this is the first time that Cryptocurrency is open and available to the whole world…There will be many millionaires coming out of this cycle, are you going to be one of those? Prepare yourself and work hard. Money is endless. There is no limit to how much wealth is available in the world.
Currently, the broad market is moving along with the Bitcoin trend. According to an analyst, Bitcoin could hit $155k by May 2025.
